a & b are different entries.

is this right for b?

Tax refund receivable [33,250 + 20,480] 53730

Deferred tax asset [(895,000 - 159000) x 0.4] 294400

Benefit due to tax carry back 53730

Benefit due to tax carry forward 294400

Problem 2 Carryback/Carryforward A company reported an operating loss of $895,000 for financial reporting and tax purposes in 2020. The enacted tax rate for 2020 is 30%. For 2021 and all future years, the enacted tax rate is 40%. Taxable income and tax rates during the first four years of operations were as follows: 2016 2017 2018 2019 Taxable Tax income rates $120,000 30% 125,000 31% 95,000 35% 64,000 32% a. Prepare the journal entry to record the company's tax provision for the year 2020 if the company elects the carry forward option only. Deferred tax asset ???? Benefit due to tax forward ??? b. Prepare the journal entry to record the company's tax provision for the year 2020 if the company elects the carryback/carry forward only option. c. Refer to item b above. Prepare the bottom part of the 2020 income statement to report the income tax effects (starting with the amount of the net loss before tax)