Current Attempt in Progress

Carla Vista Inc. reported the following pretax income $($loss$)$ and related tax rates during the years $2024-2027.$

Pretax financial income $($loss$)$ and taxable income $($loss$)$ were the same for all years since Carla Vista began business. The tax rates from $2024-2027$ were enacted in $2024.$

Prepare the journal entries for the years $2025-2027$ to record income taxes payable $($refundable$),$ income tax expense $($benefit$),$ and the tax effects of the loss carryforward. Assume that Carla Vista expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. $($List all debit entries before credit entries. Credit account titles are automatically indented when 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.$)$

Date

Account Titles and Explanation

Debit

$2025$

Deferred Tax Asset

Income Tax Expense

$2026$

Income Tax Expense

Deferred TaxAsset

Income Tax Payable

$2027$

Income Tax Expense

Income Tax Payable