c) Lowmax Co. incurred an operating loss in Year 3 of $36,000. Prepare journal entries to record the effect of the Carryback and Carryforward assuming they had taxable income of $12,000 in Year 1 and $18,000 in Year 2. Tax rates were 30% in Year 1, 35% in Years 2 and 3, and the enacted tax rate for Year 4 is 25%. Account Title | Debit Credit Carry Back: Carry Forward