Absent Minded Professor Co. (AMP) has net operating loss (NOL) of $150,000 in 20x3. Enacted tax rate is 35% in 20x3 and 40% in 20x4 and beyond. For all years, assume there are no other book tax differences except the NOL. How much deferred tax asset will AMP report as of 12/31/20x3 if no valuation allowance is expected? Provide the journal entry to record income tax expense and deferred tax asset. Assume that AMP has pre-tax income of $100,000 in 20x4, provide the journal entry to record income tax expense and deferred tax asset. Remember NOL can be used to offset 80% of current year’s taxable income. Assume no valuation allowance. How much deferred tax asset will AMP report as of 12/31/20x4 if it determines that it is more likely than not that 40% of the deferred tax asset will not be realized? Provide the journal entry to record income tax expense and valuation allowance.