Please Answer the Following Questions: Use the information from the Basic Illustration EXCEPT that an 85,000 Net Operating Loss (NOL) was incurred in 20X2 rather than the $82,000 income in the Basic Illustration. Income in 20X3 was also different than the Basic Illustration - assume $99,000 rather than $84,000. The tax rate for each year is to Qgain 33%. 1- WHY are the journal entry debits and credits to DIT exactly the same in Requirement #4 for all five years as they were in the Basic Illustration? Your answer must be 30 words or less Calculation of bIT NBV - T/R Table 2 NBV - F/s - Table 3 20X120X2 20X3 20X4 20X5 243,333 149,988 79,988 33,315-0 288,000 216,000 144,000 72,000-0 | .38,685-1-0- -O- 660 8,358 12,766 2 - EXPLAIN (using dollar amounts and identifying labels) what the firm did with the $106,345 Tax Loss (NOL) from 20X2 ciation difference | Cumulative DIT x 33% increase> or decrease in DIT +14,740> | | +14,740> | 7,044> | Calculation of Income Tax ble 20X2 | 20X3 20X4 | 20X5 | Total 20x1 80,000 | 99,000 86,000| 88,000| 268,000 Book Income 20x2 NOL carry forward depreciation diff Taxable Income or Loss> 20X2 NOL carry back Taxable Income or Loss> x Income Tax Deferred NOL Asset 3-with Book Income Before Tax of 99,000 in 20X3, how much net cash did the firm actually pay (or receive from) the IRS in 20X3? | 71,012 | 44,667> 21,345> | 2,000 25,327 | 38,685 | 35,333 | | 29,988 111,327 | 126,685 196,988 35,333 | 35,333 | | 29,988 | 111,327 | 126,685 232,321 9,896 36,738 41,806 100,100 35,333 11,660 23.434 ournal entry (debit and | Income Tax Receivable Deferred NOL Asset DIT Income Tax Book Income Before Tax effective tax rate | 11,660 23,434 32,670 | 660 8,358 12,766 | 19,896> | |-41,806> 88,000 33.00% | 33.00% | 33.00% | 33.00% 14,7407,044> 11,660 80,000 33.00% | 99,000 86,000 |