Pharoah reported the following pretax financlal Income $($loss$)$ for the years $2025-2027.$

Pretax financlal Income $($loss$)$ and taxable income $($loss$)$ were the same for all years imolved. The enacted tax rate was $20\%$ for $2025-$

$2027.$

$($a$)$

Prepare the journal entrles for the years $2025-2027$ to record income tax expense, Income taxes payable, and the tax effects of

the loss carryforward, assuming that based on the weight of avallable evidence, It is more likely than not that one$-$fifth of the

benefits of the loss carryforward will not be realized. $($List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.$)$

Date Account Titles and Explanation

Debit

Credit

$2025$

$2026$

$($To record income taxes$)$

$($To record allowance$)$

$2027$

$($To record income taxes$)$

$($To adjust allowance$)$