Recording Net Operating Loss Carryforward in Year 1, Cardinals Company operated at a tax loss, totaling ($88,000) during its first year of business. A. Assuintif a tax rate of 25 , and that income is expected in Year 2, record the entry to reflect the tax benefit of the net operating loss on December 31 of Year 1. b. Cardinab company determined that it was more Mkely than noc that 75% of the deferred tax asset would not be realized. Prepare the entry to record a deferred tax asset valuation allowance, assuming a zero beginning balance in thot account. - Note: if a line in a journal entry isnt required for the transaction, in the last line of the journal entry, select "N/A as the account name and leave the Dr. and Cr. answers blank (zero)