Needs corrections please - Exercise 19-25 Meyer reported the following pretax financial income (loss) for the years 20122016.

2012 $243,100

2013 357,000

2014 120,000

2015 (574,000)

2016 176,900

Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 38% for 2012 and 2013, and 44% for 20142016. Assume the carryback provision is used first for net operating losses. Prepare the journal entries for the years 20142016 to record income tax expense, income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-fifth of the benefits of the loss carryforward will not be realized.

Date	Account titles and explanation	Debit	Credit
2014	Income tax expense	52800
	Income tax payable		52800
2015	Income tax refund receivable	188460
	Deferred tax asset	42680
	Benefit due to loss carry forward (this answer is incorrect)		188460
	Benefit due to loss carry forward		42680
	(to record refund)
	Benefit due to loss carry forward	8536
	Allowance to reduce deferred tax asset		8536
	(to record allowance)
2016	Income tax expense	77836
	Income tax payable		42680 (this answer is incorrect)
	Deferred tax asset		35156 (this answer is incorrect)
	(to record income taxes)
	Allowance to reduce deferred tax asset	8536
	Benefit due to loss carry forward		8536
	(To Adjust allowance)