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Recording Net Operating Loss Carryforward In Year 1, Cardinals Campery opereced at a Car loss, tocaling ($158,400) during its first year of bushess. a. Assuming a tax fate of 25h and that income is expected in Vear 2 , record the entry to reflect the tax benefic of the net operabing loss on December 31 of Year 1. besinning bolance in thes account. Recording Net Operating Loss Carryforward In Year 1, Cardinals Campery opereced at a Car loss, tocaling ($158,400) during its first year of bushess. a. Assuming a tax fate of 25h and that income is expected in Vear 2 , record the entry to reflect the tax benefic of the net operabing loss on December 31 of Year 1. besinning bolance in thes account