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Data Table Year 1 2 3 Income (Loss) before Tax $ 90,000 250,000 (410,000) Tax Rate (%) 40% Sturdy Fence Company incurred a net loss

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Data Table Year 1 2 3 Income (Loss) before Tax $ 90,000 250,000 (410,000) Tax Rate (%) 40% Sturdy Fence Company incurred a net loss for Year 3. The firm does not have any book-tax differences. We present the results of operations for the first 3 years of the company's operations: (Click the icon to view the data.) Future tax rates are expected to be 28%. Sturdy always elects the carryback/carryforward option. There are no uncertainties regarding realization of future tax benefits. Prepare the journal entry(s) required to record the Year 3 net operating loss. (Record debits first, then credits. For transactions that do not require an entry, make sure to select "No entry required in the first cell in the "Account" column and leave all other cells blank Exclude explanations from any journal entries.) Begin by preparing the journal entry, if needed, to record the portion of the net operating loss that Sturdy can carry back, Account Now prepare the journal entry needed to record the portion of the net operating loss that Sturdy can carry forward Account Year 3

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