Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 20132019.

		Pretax Income (loss)			Tax Rate
2013		$40,000			30	%
2014		25,000			30	%
2015		50,000			30	%
2016		80,000			40	%
2017		(180,000	)		45	%
2018		70,000			40	%
2019		100,000			35	%

Pretax financial income (loss) and taxable income (loss) were the same for all years since Jennings began business. The tax rates from 20162019 were enacted in 2016.

Prepare the journal entries for the years 20172019 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryback and carryforward. Assume that Jennings elects the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
2017
	(To record carryback.)
	(To record carryforward.)
2018
2019

Prepare the portion of the income statement, starting with Operating loss before income taxes, for 2017. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Jennings Inc. Income Statement (Partial) December 31, 2017For the Year Ended December 31, 2017For the Quarter Ended December 31, 2017
DividendsExpensesBenefit Due to Loss CarrybackBenefit Due to Loss carryforwardIncome Tax BenefitIncome Tax Expense - CurrentIncome Tax Expense - DeferredNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$
DividendsExpensesBenefit Due to Loss CarrybackBenefit Due to Loss carryforwardIncome Tax BenefitIncome Tax Expense - CurrentIncome Tax Expense - DeferredNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
DividendsExpensesBenefit Due to Loss CarrybackBenefit Due to Loss carryforwardIncome Tax BenefitIncome Tax Expense - CurrentIncome Tax Expense - DeferredNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues	$
DividendsExpensesBenefit Due to Loss CarrybackBenefit Due to Loss carryforwardIncome Tax BenefitIncome Tax Expense - CurrentIncome Tax Expense - DeferredNet Income / (Loss)Operating Loss before Income TaxesRetained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
Prepare the portion of the income statement, starting with Operating loss before income taxes, for 2017. Prepare the portion of the income statement, starting with Income before income taxes, for 2018.		$