Hayes company reported the following pretax financial income for the years 2016 to 2019. for each of those years, the company reported (and paid taxes on) taxable income in the same amount as follows2016 $480,0002017 700,0002018 180,0002019 (1,100,000)2020 360,000the company was subject to a 34% tax rate for 2017and prior and 40% for 2018 and thereafter. assume the company will elect to carryback first before carrying forward any nol. because of the significant losses in 2019, assume that based on evaluating the evidence the company believes that it is more likely than not at the end of 2019 that 20% of the tax benefits of the operating loss carryforward will not be realized. instructions: 1.prepare the income tax journal entries at the end of 2019.2. prepare the 2019 income statement beginning with income/loss before income taxes.