Jayryan Company sells products in a volatile market. The company began operating in Year $1$ and reported $($and paid taxes on$)$ taxable income in Year $1$ and Year $2.$ It has one taxable temporary difference $($future taxable amount$)$ and reconciled its taxable income to its pretax financial income for Year $1$ and Year $2$ as follows:

Year $1$ Year $2$

Taxable income $$25,000$ $$53,000$

Temporary difference $2,5004,800$

Pretax financial income $$27,500$ $$57,800$

In Year $3,$ because of a downturn in the market, Jayryan reported a taxable loss of $$90,000,$ and it was uncertain as to future profits. A temporary difference of $$2,700$ resulted in an $$87,300$ pretax operating loss for financial reporting. In Year $4$ and Year $5,$ Jayryan was again profitable and reported the following items:

Year $4$ Year $5$

Taxable income $$57,000$ $$69,000$

Temporary difference $2,3002,800$

Pretax financial income $$59,300$ $$71,800$

The income tax rate has been $30\%$ since Year $1,$ and no change in the tax rate has been enacted for future years.

Required:

$1.$ Prepare a schedule that shows Jayryan$$s income taxes payable $($or receivable$)$ for each year, Year $1$ through Year $5.$

$2.$ Prepare a schedule that shows the deferred tax information $($change in temporary difference and operating loss carryforward$)$ for each year, Year $1$ through Year $5.*$I$\text{'}$m stuck on how to figure out the carryforward for year $4*$ I figured out the carryforward for year $3$ is $$(12000)$

$3.$ Prepare a schedule that shows the deferred taxes for each year, Year $1$ through Year $5.$

$4.$ Based on the schedule prepared in Requirement $3,$ prepare Jayryan$$s income tax journal entry at the end of Year $3.$

$5.$ Prepare a partial income statement for Year $3.$ Include a note for any operating loss carryforward.