Please Explain All Steps ((:

Recording NOL Carryforward Toner Corporation reported the following taxable income and loss: 2020 taxable income, $40,000 and 2021 taxable loss, $160,000. At the end of 2021, Toner made the following estimates: 2022 taxable income, $16,000, 2023 taxable income, $44,000, and 2024 taxable income, $200,000. On the basis of these estimates, Toner believes the full amount of tax loss carryforward benefit is more likely than not to be realized. There are no other temporary differences. The tax rates are 25% for years 2020, 2021, and 2022; and 30% for year 2023 and 2024. Required a. Provide the income tax entry for 2021. Dr. Cr. Date Account Name Dec. 31, 2021 Deferred Tax Asset Income Tax Expense 47,360 0 47,360 b. Provide the income tax entry for 2022, assuming that the actual taxable income was $24,000 (tax rate, 25%). Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Dr. Cr. Date Account Name Dec. 31, 2022 Income Tax Expense Deferred Tax Asset - X 0 X Income Tax Payable - 0 1,200 C. Provide the income tax entry for 2023, assuming that 2022 results were as described in (b), and that the actual 2023 taxable income was $52,000. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. 0 X 0 Dec. 31, 2023 Income Tax Expense Deferred Tax Asset Income Tax Payable 0 0 x 0 3,120 d. Provide the entry for 2024, assuming results for 2022 and 2023 as described above and assuming that the actual 2024 taxable income was $180,000. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. 0 x 0 Dec. 31, 2024 Income Tax Expense Deferred Tax Asset A O 0 x Income Tax Payable 0 0 x Check Recording NOL Carryforward Toner Corporation reported the following taxable income and loss: 2020 taxable income, $40,000 and 2021 taxable loss, $160,000. At the end of 2021, Toner made the following estimates: 2022 taxable income, $16,000, 2023 taxable income, $44,000, and 2024 taxable income, $200,000. On the basis of these estimates, Toner believes the full amount of tax loss carryforward benefit is more likely than not to be realized. There are no other temporary differences. The tax rates are 25% for years 2020, 2021, and 2022; and 30% for year 2023 and 2024. Required a. Provide the income tax entry for 2021. Dr. Cr. Date Account Name Dec. 31, 2021 Deferred Tax Asset Income Tax Expense 47,360 0 47,360 b. Provide the income tax entry for 2022, assuming that the actual taxable income was $24,000 (tax rate, 25%). Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Dr. Cr. Date Account Name Dec. 31, 2022 Income Tax Expense Deferred Tax Asset - X 0 X Income Tax Payable - 0 1,200 C. Provide the income tax entry for 2023, assuming that 2022 results were as described in (b), and that the actual 2023 taxable income was $52,000. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. 0 X 0 Dec. 31, 2023 Income Tax Expense Deferred Tax Asset Income Tax Payable 0 0 x 0 3,120 d. Provide the entry for 2024, assuming results for 2022 and 2023 as described above and assuming that the actual 2024 taxable income was $180,000. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dr. Cr. 0 x 0 Dec. 31, 2024 Income Tax Expense Deferred Tax Asset A O 0 x Income Tax Payable 0 0 x Check