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Prepare the journal entritarequired for each year. 2. XYZ Corp, reports the following amounts in its first three years of operation: The dilierence belween pretax accounting income and taxable income is due to revenue for oneyear being reported for tax purposes in the year received, but reported in the income statement in later years when the performance obligation is satisfied. The income tax rate is 25% each year. XYZ anticipates profitable operations in the future. 3. B Company reported an operating loss of $150,000 for financial reporting and $130,000 for tax purposes in 2021.The difference is due to a permanent difference. The enacted tax rate is 25% for 2021 and all future years. Assume that B operates in an industry for which a NOL can be carried back two years and elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in B's first four years of operations were as follows: Required: 1.) Prepare the required journal entries to record B's tax provision for the yeal 2021. 2.) Compute B's net loss for 2021