Coronado Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. (Assume the carryback provision is used for a net operating loss.)

Year		Pretax Income (Loss)			Tax Rate
2015		$132,000			34	%
2016		89,000			34	%
2017		(263,000)			38	%
2018		227,000			38	%

The tax rates listed were all enacted by the beginning of 2015.

- Prepare the journal entries for the years 20152018 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carry back and carryforward, assuming that at the end of 2017 the benefits of the loss carryforward are judged more likely than not to be realized in the future

- Assuming that at the end of 2017 the benefits of the loss carry forward are judged more likely than not to be realized in the future, prepare the income tax section of the 2017 income statement, beginning with the line Operating loss before income taxes.

- Prepare the journal entries for 2017 and 2018, assuming that based on the weight of available evidence, it is more likely than not that one-fourth of the benefits of the loss carry forward will not be realized.

- Assuming that based on the weight of available evidence, it is more likely than not that one-fourth of the benefits of the loss carry forward will not be realized, prepare the income tax section of the 2017 income statement, beginning with the line Operating loss before income taxes.