= Homework: Week Two Empire Photo Labs, Ltd. provided you with the following information for the 3 years ended December 31. (Click the icon to view the information.) Read the requirements. Question 21, E17-12 (similar to) Part 1 of 5 HW Score: 26.47%, 5.82 of 22 points Points: 0 of 1 Save Requirement a. Assuming no book-tax differences and no uncertainty regarding the realization of the tax benefits of the net operating loss carryforward, prepare the journal entry to record the tax expense for each of the 3 years presented. The company always elects the carryback/carryforward option. Future tax rates are expected to remain unchanged. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by preparing the journal entry for Year 1. Account Deferred Tax Asset Deferred Tax Liability Income Tax Benefit Income Tax Expense Income Tax Refund Receivable Income Taxes Payable Year 1 Net Operating Loss Carryback Get more help - Net Operating Loss Carryforward Requirements a. Assuming no book-tax differences and no uncertainty regarding the realization of the tax benefits of the net operating loss carryforward, prepare the journal entry to record the tax expense for each of the 3 years presented. The company always elects the carryback/carryforward option. Future tax rates are expected to remain unchanged. b. Prepare a partial income statement for Year 3. Print Done Data table Year Income (Loss) Before Tax 1 $ 124,000 Tax Rate (%) 34 % 2 90,000 25 3 (284,000) 40 Print Done Clear all Check answer