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The pretax financial income (or loss) figures for Sheffield Company are as follows. Pretax financial income (or loss) and taxable income (loss) were the same for all years involved, Assume a 45\% tax rate for 2021 and 2022. and a20% tax rate for the remaining years: Prepare the jourrat entries for the years 2022 to 2026 to record incone tax expense and the effects of the net operating loss carrybacks and carryforwards assumine Shetfield Company uses the carryback provision. Alt income and losses relate to normal operations, (in recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary) (List all debit entries before credit entries. Credit occount tilies are outomatically indented when the amoumt is entered. Do not indent manually if no entry is required, select "No Entry' for the account tities and enter Ofor the amounts. Recordjoumal entries in the onder aresented in the problem. Date Account Titles and Explanation 2022 Income Tax Expense Income Tax Payable 2023 Income Tax Refund Receivable Income Tax Expense 2024 Income Tax Refund Receivabie Income Tax Expense (To record loss carryback) 2024 Deferred Tax Asset Income Tax Expense (To record loss carryforward) Debit Credit 94140 27600 2025 Income Tux Expense: 31400 2024 Deferred TwaxAsset: Income Trax Experse (To record loss carryforward) 2025 Income Txo Experise Incone Tax Payatie Deferted TaxAset 2026 Income TraEserse Income Tax Payable 27600 31400

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