Problem 18-12 (Part Level Submission) Sheffield Inc. reported the following accounting income (loss) and related tax rates during the years 2012 to 2018: Accounting Income (Loss) Tax Rate 25% 25% 25% 30% 35% 30% 25% Year 2012 2013 2014 2015 2016 2017 2018 $68,000 28,000 59,000 80,000 (203,000) 68,000 89,000 Accounting income (loss) and taxable income (loss) were the same for all years since Sheffield began business. The tax rates from 2015 to 2018 were enacted in 2015 Assume Sheffield Inc. follows ASPE Prepare the journal entries to record income taxes for the years 2016 to 2018. Assume that Sheffield uses the carryback provision where possible and expects to realize the benefits of any loss carryforward in the (a) year that immediately follows the loss year. (Credit account titles are automatically indented when the 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.) Year Account Titles and Explanation Debit Credit 2016 2016 2016 To recognize benefit of loss carryforward.) 2017 To record income taxes.) 2017 To adjust future tax asset.) 2018