Exercise 19-23 (Part Level Submission) Teal 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. Collapse question part Pretax Income Year (Loss) Tax Rate 2015 $117,000 34 % 2016 94,000 34 % 2017 (261,000 ) 38 % 2018 229,000 38 % The tax rates listed were all enacted by the beginning of 2015. (a) Your answer is correct. Prepare the journal entries for the years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryback 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. (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 @ for the amounts.) (c) 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 carryforward will not be realized. (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 Credit 2017 Income Tax Expense Deferred Tax Asset Benefit Due to Loss Carryback Benefit Due to Loss Carryforward (To record refund.) (To record allowance.) 2018 Income Tax Expense Income Tax Payable Deferred Tax Asset (To record income taxes.) 2018 Income Tax Expense Income Tax Payable Deferred Tax Asset (To record income taxes.) (To adjust allowance.) Click if you would like to Show Work for this question: Open Show Work