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During Year 1, its first year of operations, a company reported a net operating loss of $360,000 for financial reporting and tax purposes. During Year 2, the company reported income of $200,000 for financial reporting and tax purposes. The enacted tax rate is 25%, Required: 1. Prepare the journal entry to recognize the company's Year 2 tax expense or tax benefit. 2. Show the lower portion of the Year 2 income statement that reports income tax expense or benefit. Complete this question by entering your answers in the tabs below. Prepare the journal entry to recognize the company's Year 2 tax expense or tax benefit. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. During Year 1 , its first year of operations, a company reported a net operating loss of $360,000 for financial reporting and tax purposes. During Year 2, the company reported income of $200,000 for financial reporting and tax purposes. The enacted tax rate is 25%. Required: 1. Prepare the journal entry to recognize the company's Year 2 tax expense or tax benefit. 2. Show the lower portion of the Year 2 income statement that reports income tax expense or benefit. Complete this question by entering your answers in the tabs below. Show the lower portion of the Year 2 income statement that reports income tax expense or benefit