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Your answer is partially correct. The pretax financial income (or loss) figures for Jenny Spangler...

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Accounting

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Your answer is partially correct. The pretax financial income (or loss) figures for Jenny Spangler Company are as follows. 2015 2016 2017 2018 2019 2020 2021 $160,000 250,000 80,000 (160,000) (380,000) 120,000 100,000 Pretax financial income (or loss) and taxable income (loss) 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 o for the amounts.) Account Titles and Explanation Credit Debit 2017 TIncome Tax Expense 22 T Income Tax Payable 16,000 2018 income Tax Refund Re 40,000 2 Benefit Due to Loss Car 40,000 2019 Deferred Tax Asset 16,000 2 Benefit Due to Loss Car|| 16,000 2020 TIncome Tax Expense e 24,000 t I Deferred Tax Asset 24,000 2021 2021 TIncome Tax Expense 20,00 | Deferred Tax Asset 20,000

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