In the Intermediate Accounting book 16e, How do I do the journal entries for Exercise 19-21, (Learning Objective 3)?

Accounts receivable Litigation liability $50,000 30,000 -0- It is estimated that the litigation liability will be settled in 2017. The difference in accounts receivable will result in taxable amounts of $30,000 in 2017 and $20,000 in 2018. The company has taxable income of $350,000 in 2016 and is expected to have taxable income in each of the following 2 years. Its enacted tax rate is 34% for all years. This is the company's first year of operations. The operat- ing cycle of the business is 2 years. Instructions (a) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016. (b) Indicate how deferred income taxes will be reported on the balance sheet at the end of 2016. E19-21 (L03) (Carryback and Carryforward of NOL, No Valuation Account, No Temporary Differences) The pretax finan- cial income (or loss) figures for Jenny Spangler Company are as follows. 2012 2013 2014 2015 2016 2017 2018 $160,000 250,000 80,000 (160,000) (380,000) 120,000 100,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2012 and 2013 and a 40% tax rate for the remaining years. Instructions Prepare the journal entries for the years 2014 to 2018 to record income tax expense and the effects of the net operating loss carry backs and carryforwards assuming Jenny Spangler Company uses the carryback provision. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) E19-22 (L03) (Two NOLS, No Temporary Differences, No Valuation Account Entries and Income Statement) Felicia Rashad Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009 through 2017 as follows