please answer part B

(b) Prepare the income tax section of the 2017 income statement beginning with the line "Operating loss before income taxes." (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Buffalo Inc. Income Statement (Partial) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXTExercise 19-24 (Part Level Submission) Buffalo Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.) Year Pretax Income (Loss) Tax Rate 2015 $117,000 40% 2016 86,000 40 % 2017 (255,000 45 % 2018 119,000 15 % The tax rates listed were all enacted by the beginning of 2015. (a) Your answer is correct Prepare the journal entries for years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-half of the benefits of the loss carryforward will not be realized. (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 2015 Income Tax Expense 46800 Income Tax Payable 46800 2016 Income Tax Expense 34400 Income Tax Payable 3440 2017 In Income Tax Refund Receivable 81200 Deferred Tax Asset 23400 Benefit Due to Loss Carryback 8120 Benefit Due to Loss Carryforward 2340 (To record refund.) Benefit Due to Loss Carryforward 11700 Allowance to Reduce Deferred Tax Asset to Expec 1700 (To record allowance.) 2018 Income Tax Expense 53550 Income Tax Payable 30150 Deferred Tax Asset 23400 (To record income taxes.) Allowance to Reduce Deferred Tax Asset to Expected 11700 Benefit Due to Loss Carryforward 11700 To adjust allowance.) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT