During Year 1, its first year of operations, a company reported a net operating loss of $450,000 for financial reporting and tax purposes. During Year 2, the company reported income of $250,000 for financial reporting and tax purposes. The enacted tax rate is 25% Required: 1. Prepare the journal entry to recognize the company's Year 2 tax expense or tax benefit. 2. Show the lower portion of the Year 2 income statement that reports income tax expense or benefit.