(NOL Carryback and Carryforward, Valuation Account versus No Valuation Account) Public
Wares Corporation reports the following pretax income (loss) for both financial reporting purposes and tax purposes.
(Assume the carryback provision is used for a net operating loss and 2013 is the companys first year of operations.)
Year	Pretax Income (Loss)			Tax Rate
2013		$230,000		40%
2014		-335,000		40%
2015		-50,000		40%
2016		265,000		40%

Prepare the journal entries for the years 2013 through 2016 to record income tax expense (benefit) and income tax payable (refundable)

and the tax effects of the loss carryback and carryforward, assuming that the benefits of any loss carryforwards are judged more likely than not to be realized in the future.