Normal hNo Spac Headin - Font Paragraph Styles 2. (Carryback and Carryforward of NOL, No Valuation Account, No Temporary Differences) The orstax financial income (or loss) figures for Metals, Inc. are as follows. 2012 65,000 2013 40,000 2014 (230,000) 2015 70,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 35% tax rate for all the years. Prepare the journal entries for the years 2012 to 2015 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Metals, Inc uses carryback provision. All income and losses relate to normal operations.(In of a loss carryforward, assume that no valuation account is deemed necessary.) 311 words