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7) During 2021, its first year of operations, Beaver Corporation reported an operating loss of $150 million for financial reporting and tax purposes. The enacted tax rate is 25%. During 2022 and 2023, its second and third years of operations, Beaver Corporation reported pretax income of $120 million for financial reporting and tax purposes. Beaver is limited to offsetting 80% of income with its NOL carryforward in any tax year. Required: 1) Prepare a compound journal entry to record the income tax expense for the year 2021. 2) Prepare a compound journal entry to record the income tax expense for the year 2022. 3) Prepare a compound journal entry to record the income tax expense for the year 2023. $37,500,000 1) Deferred Tax Asset Tax Expense $37,500,000 2) Tax Expense $30,000,000 Deferred Tax Asset Tax Payable $24,000,000 $6,000,000 3) Tax Expense $30,000,000 Deferred Tax Asset Tax Payable $13,500,000 $16,500,000