Froblem 1. Garrison Designs, Inc., a corporation organized on January 1, 2008, reported the following incomes (losses) for the ten-year period, 2008-2017: Year Income (Loss) Income Tax Rate 2008 $ 16,000 50% 2009 (40,000) 50% 2010 16,000 48% 2011 24,000 48% 2012 (32,000) 45% 2013 16,000 42% 2014 32,000 42% 2015 64,000 34% 2016 80,000 34% 2017 (16,000) 30% Instructions (1) Applying the carryback provisions in the tax law, compute the net amount of taxes paid (amounts paid less refunds) for the ten-year period ending December 31, 2017 (2) Make journal entries to record income tax expense for 2015, 2016, and 2017. (3) Make journal entries to record income tax expense for 2017, assuming that Garrison chooses NOT to apply loss carryback in 2017 in anticipation of higher tax rates in the future, and it is more likely than not that 40% of the loss carry-forward will not be realized