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and The pretax financial income for loss) figures for Sheffield Company are as follows. Con 2015 $164,000 2016 275.000 2017 86,000 2018 (164,000) 2019 (390,000) 2020 113.000 2021 98,000 Pretax financial income for loss) and taxable income foss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (in recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit 2017 2018 2019 2020 and The pretax financial income for loss) figures for Sheffield Company are as follows. Con 2015 $164,000 2016 275.000 2017 86,000 2018 (164,000) 2019 (390,000) 2020 113.000 2021 98,000 Pretax financial income for loss) and taxable income foss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (in recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit 2017 2018 2019 2020

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