2022: For the year ended 2022, the company had the following income statement accounts: Revenue 250,000 Cost of Goods Sold 80,000 Depreciation Expense 50,000 Warranty Expense 20,000 Interest Income 10,000 It is now time to calculate income tax expense for their first year (i.e., no existing DTAS or DTLs). The following are relevant to this calculation: a) There is an unearned revenue liability balance of 50,000 at the end of 2022 (the balance was zero at the beginning of the year as this was the first year of operations). b) Tax depreciation expense is 70,000. c) Warranty repair costs incurred were 15,000. d) The interest income was earned with Municipal Bonds. e) The tax rate is 21%. 1) Please form the journal entry for 2022 income taxes. 2) What is the company's effective tax rate for 2022? 2023: For the year ended 2023, the company had the following income statement accounts: Revenue 300,000 Cost of Goods Sold 120,000 Depreciation Expense 50,000 Warranty Expense 50,000 Interest Income 20,000 It is now time to calculate income tax expense for their second year. The following are relevant to this calculation: a) There is an unearned revenue liability balance of 20,000 at the end of 2023. b) Tax depreciation expense is 60,000. c) Warranty repair costs incurred were 55,000. d) The interest income was earned with Municipal Bonds. e) The tax rate is 21%. 3) Please form the journal entry for 2023 income taxes. 4) What is the company's 2023 effective tax rate? 5) What is the current balance in any DTAs and DTLS? 6) On 12/31/23, immediately after the above journal entry, the company learns that Congress has just passed a new tax law that increases the corporate rate from 21% to 25%. Provide the necessary journal entry if one is needed. What effect does this have on the company's ETR (increase, decrease, or no change)? 2024: For the year ended 2024, the company had the following income statement accounts: Revenue 100,000 Cost of Goods Sold 80,000 Depreciation Expense 50,000 Warranty Expense 25,000 Interest Income 20,000 It is now time to calculate income tax expense for their third year. The following are relevant to this calculation: a) There is an unearned revenue liability balance of 20,000 at the end of 2024. b) Tax depreciation expense is 50,000. c) Warranty repair costs incurred were 25,000. d) The interest income was earned with Municipal Bonds. e) The tax rate is 25%. 7) Please form the journal entry for 2024 income taxes. 8) What is the company's 2024 effective tax rate? 9) The accounting team met with their auditors who pointed out that they were concerned that the firm would not be sufficiently profitable in the coming years and suggested they apply a 50% valuation allowance against their Net Operating Loss. Please provide the necessary journal entry. Think about what might happen in the coming years. Can you account for those activities too?