7) During 2021, its first year of operations, Beaver Corporation reported an operating loss of $150 million for financial reporting and tax purposes. The enacted tax rate is 25%. During 2022 and 2023, its second and third years of operations, Beaver Corporation reported pretax income of $120 million for financial reporting and tax purposes. Beaver is limited to offsetting 80% of income with its NOL carryforward in any tax year. Required: 1) Prepare a compound journal entry to record the income tax expense for the year 2021. 2) Prepare a compound journal entry to record the income tax expense for the year 2022. 3) Prepare a compound journal entry to record the income tax expense for the year 2023