3: Net Operating Losses (6 points) Carter Company is showing the following net operating income (loss) for a five-year period: 2018: $150,000 2019: 50,000 2020: 70,000 2021: (200,000) 2022: 60,000 The tax rate for all years was 20% Carter qualifies as a company that is able to carryback operating losses. Required Prepare the journal entry to record income tax expense and related liabilities for 2021 and 2022. Journal Entry - 2021 Date 12-31-21 Accounts Debit Credit