Exercise 19-24 Crane Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.) Year Tax Rate 2015 2016 2017 2018 Pretax Income (Loss) $109,000 81,000 (263,000 ) 130,000 40 % 40 % 45 % 45 % The tax rates listed were all enacted by the beginning of 2015. Your answer is partially correct. Try again. Prepare the journal entries for years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit 2015 Income Tax Expense Tincome Tax Payable 2016 Income Tax Expense 2016 Income Tax Expense Income Tax Payable 2017 Income Tax Refund Receivable 2017 income Tax Refund Receivable Ydeferred Tax Asset Benefit Due to Loss Carryback Benefit Due to Loss Carryforward Benefit Due to Loss Carryforward Idd to record 2 JODIDO DI JO (To record refund.) Benefit Due to Loss Carryforward Allowance to Reduce Deferred Tax Asset to Expected (To record allowance.) 2018 TIncome Tax Expense Income Tax Payable Allowance to Reduce Deferred Tax Asset to Expected (To record allowance.) 2018 Income Tax Expense Income Tax Payable 0 000 a Deferred Tax Asset (To record income taxes.) Allowance to Reduce Deferred Tax Asset to Expected Benefit Due to Loss Carryforward (To adjust allowance.)