artially correct. Try again. ne (loss) figures for Blue Spruce Corporation are as follows: loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2015 and 2016, and a 25% tax rate for the remair entries for each of the years 2017 to 2021 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Blu e carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantia dit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No E enter o for the amounts.) s and Explanation Debit Credit Expense 2 Tax Payable 20750 32 33 Receivable 40750 Tax Benefit 126750 S OS ENG PRUNTER VERSION BACK NEXT Question 4 Your answer is partially correct. Try again. The accounting income (loss) figures for Blue Spruce Corporation are as follows: 2015 $169,000 2016 248,000 2017 83,000 2018 (169,000) 2019 (382,000) 2020 136,000 2021 154,000 Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2015 and 2016, and a 25% tax rate for the remaining years Prepare the journal entries for each of the years 2017 to 2021 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Blue Spruce Corporation uses the carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantial taxable income in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts) Year Account Titles and Explanation Debit Credit 2017 Current Tax Expense 2075 Income Tax Payable 2013 09 20750 2018 TIncome Tax Receivable 40750 Current Tax Benefit 126750 1:17 PM sc OS X ENG 2020-03-02 F account titles and enter o for the amounts.) Year Account Tities and Explanation Debit 201 Current Tax Expense 2012 Credit I Income Tax Payable 2018 Income Tax Receivable 2018 FS 20750 40750 Current Tax Benefit 126750 2019 Income Tax Receivable 53250 Current Tax Benefit (To record benefit from loss carryback) 53250 Deferred Tax Asset Deferred Tax Benefit (To record deferred benefit from loss carryforward) 2020 Current Tax Expense Income Tax Payable (To record current tax expense) (To record benefit from loss carryback) Deferred Tax Asset Deferred Tax Benefit (To record deferred benefit from loss carryforward) 2020 TCurrent Tax Expense Income Tax Payable (To record current tax expense) Deferred Tax Expense Deferred Tax Asset (To record deferred tax expense) TCurrent Tax Expense Income Tax Payable W LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEX NK artially correct. Try again. ne (loss) figures for Blue Spruce Corporation are as follows: loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2015 and 2016, and a 25% tax rate for the remair entries for each of the years 2017 to 2021 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Blu e carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantia dit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No E enter o for the amounts.) s and Explanation Debit Credit Expense 2 Tax Payable 20750 32 33 Receivable 40750 Tax Benefit 126750 S OS ENG PRUNTER VERSION BACK NEXT Question 4 Your answer is partially correct. Try again. The accounting income (loss) figures for Blue Spruce Corporation are as follows: 2015 $169,000 2016 248,000 2017 83,000 2018 (169,000) 2019 (382,000) 2020 136,000 2021 154,000 Accounting income (loss) and taxable income (loss) were the same for all years involved. Assume a 30% tax rate for 2015 and 2016, and a 25% tax rate for the remaining years Prepare the journal entries for each of the years 2017 to 2021 to record income tax expense and the effects of the tax loss carrybacks and carryforwards, assuming Blue Spruce Corporation uses the carryback provision first. All income and losses relate to normal operations and it is more likely than not that the company will generate substantial taxable income in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts) Year Account Titles and Explanation Debit Credit 2017 Current Tax Expense 2075 Income Tax Payable 2013 09 20750 2018 TIncome Tax Receivable 40750 Current Tax Benefit 126750 1:17 PM sc OS X ENG 2020-03-02 F account titles and enter o for the amounts.) Year Account Tities and Explanation Debit 201 Current Tax Expense 2012 Credit I Income Tax Payable 2018 Income Tax Receivable 2018 FS 20750 40750 Current Tax Benefit 126750 2019 Income Tax Receivable 53250 Current Tax Benefit (To record benefit from loss carryback) 53250 Deferred Tax Asset Deferred Tax Benefit (To record deferred benefit from loss carryforward) 2020 Current Tax Expense Income Tax Payable (To record current tax expense) (To record benefit from loss carryback) Deferred Tax Asset Deferred Tax Benefit (To record deferred benefit from loss carryforward) 2020 TCurrent Tax Expense Income Tax Payable (To record current tax expense) Deferred Tax Expense Deferred Tax Asset (To record deferred tax expense) TCurrent Tax Expense Income Tax Payable W LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEX NK