Carter Company is showing the following net operating income (loss) for a five-year period:

2018: $150,000

2019: 50,000

2020: 70,000

2021: (200,000)

2022: 60,000

The tax rate for all years was 20%

Carter qualifies as a company that can carryback operating losses.

Required

Prepare the journal entry to record income tax expense and related liabilities for 2021 and 2022.