Problem : Net Operating Losses The following information is taken from the financial records of the ASU Company Taxable nd Year Tax Rats 2014 2015 2016 2017 200,000 100,000 50,000 (200,000) 40% 35% 30% 25% Prepare the journal entry made by ASU to record income tax expense for the years 2014 2015 and 2016. 1. Prepare the journal entry for 2014. 2. Prepare the journal entry for 2015. 3. Prepare the journal entry for 2016 4. Prepare the journal entry for 2017 for the effects of the net operating loss carrybacks and carryforwards, assuming ASU Company uses the carryback provision. Also, assume that it is "more likely than not" that $3,000 of the deferred tax asset will not be realized