The pretax financial income $($or loss$)$ figures for Jenny Spangler Company are as follows.

$2022$ $ $80,000$

$2023(40,000)$

$2024(35,000)$

$2025120,000$

$2026100,000$

Pretax financial income $($or loss$)$ and taxable income $($loss$)$ were the same for all years involved. Assume a $20\%$ tax rate for all years.

Instructions

Prepare the journal entries for the years $2022$ to $2026$ 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.$)$