Current Attempt in Progress

Sheffield Inc. incurred a net operating loss of $\backslash (\backslash$$ $582,100\backslash )$ in $2023.$ Combined income for $2020,2021,$ and $2022$ was $\backslash (\backslash$$ $462,800\backslash ).$ The tax rate for all years is $\backslash (30\backslash \%\backslash ).$

Prepare the journal entries to record the benefits of the carryback and the carryforward, assuming it is more likely than not that the benefits of the loss carryforward will be realized. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Year Account Titles and Explanation

Debit

Credit

$2023$

$($To recognize benefit of loss carryback$)$

$2023$

$($To recognize benefit of loss carryforward$)$