Exercise 19-24 (Part Level Submission) Shamrock Inc. reports the follovwing pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.] Pretax Income (Loss) Year Tax Rate 2015 $124,000 40 % 40 % 2016 86,000 (291,000 ) 2017 45 % 45 % 2018 126,000 The tax rates listed were all enacted by the beginning of 2015. 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 account titles and enter 0 for the amounts.) entered. Do not indent manually. If no entry is required, select "No Entry" for the Debit Date Account Titles and Explanation Credit 2015 Income Tax Expense 49600 Income Tax Payable 49600 2016 Income Tax Expense 34400 Income Tax Payable 34400 2017 Income Tax Refund Receivable 4000 Deferred Tax Asset: 36450 Benefit Due to Loss Carryback 4000 Benefit Due to Loss Carryforward 36450 (To record refund.) Benefit Due to Loss Carryforward 18225 Allowance to Reduce Deferred Tax Asset to Expect 18225 (To record allowance.) 2018 Income Tax Expense 56700 Income Tax Payable 20250 Deferred Tax Asset 36450 (To record income taxes.) Allowance to Reduce Deferred Tax Asset to Expected 18225 v (b) Z Your answer is partially correct. Try again. Prepare the income tax section of the 2017 income statement beginning with the line "Operating loss before income taxes." (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Shamrock Inc. Income Statement (Partial) For the Year Ended December 31, 2017 Operating Loss before Income Taxes -291000 Income Tax Benefit 84000 Benefit Due to Loss Carryback 46950 Benefit Due to Loss Carryforward 130950 -160050 Net Income / (Loss) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS UNK TO TEXT