FiscalYearPretaxAccounting Income Tax Rate$20$X$2$$ $220,00030\mathrm{.}0\%20$X$3180,00030\mathrm{.}0\%20$X$480,00035\mathrm{.}0\%20$X$5120,00035\mathrm{.}0\%20$X$6160,00040\mathrm{.}0\%20$X$7(120,000)40\mathrm{.}0\%20$X$8(480,000)45\mathrm{.}0\%20$X$9600,00050\mathrm{.}0\%$ Prepare the journal entries for the years $20$X$8$ and $20$X$9$ to record income tax expense $($benefit$)$ and income tax payable $($refundable$)$ and the tax effect of the loss carryback and carryforward assuming that at the end of $20$X$8$ the benefits of the loss carryforwards are judged more likely than not to be realized in the future.