4.

Tamarisk Inc. incurred a net operating loss of $545,000 in 2025 . The tax rate for all years is 20%. Prepare the journal entries to record the benefits of the loss carryforward. Tamarisk expects to return to profitability in 2026. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Deferred Tax Asset Benefit Due to Loss Carryback eTextbook and Media List of Accounts Allowance to Reduce Deferred Tax Asset to Expected Realizable Value Benefit Due to Loss Carryback Benefit Due to Loss Carryforward Deferred Tax Asset Deferred Tax Liability Income Tax Expense Income Tax Payable Income Tax Refund Receivable Debit Credit 109000