QUESTIONS Barlon, Inc. had taxable income in each of the years 2014 to 2017 as follows: 2014 2015 2016 2017 $100.000 120.000 90.000 (340,000) Assume the tax code allows net operating losses (NOLs) to be carried back 2 years and carried forward up to 20 years. Further assume Barlow has a 25% tax rate, no other book-tas differences, and a policy of first carrying back NOLs to the extent allowed and then carrying forward any excess. The value of the deferred tax asset for the NOL carryforward on Barlow's December 31, 2017, balance sheet is $7.500 $32.500 562.500 $85.000 QUESTION 10 Refer to the information in question 9. Further assume that Baslow's management judges the entire 2017 NOL carryforward as unlikely to be realized and accordingly establishes a deferred tax asset valuation allowance against the full amount of the deferred tax asset. Which of the following would Barlow report on its GAAP income statement for 2017? Income tax expense of $0 Income tax expense of $32 500 Income tax benefit of $52.500 Income tax benefit of 85,000