Dean company was established at the beginning of 2020, the following is a summary of the companys performance for the first 7 years of its operations:

Year	Net operating income (Loss)	Tax rate
2020	170,000	40%
2021	(200,000)	40%
2022	300,000	30%
2023	(190,000)	30%
2024	(150,000)	35%
2025	200,000	35%
2026	600,000	35%

Assuming the following:

Assume that the company uses the carryback option for net operating losses

Required:

A. You are required to record the journal entries for all years

B. You are required to prepare the income tax expense section of the income statement for 2021