Recording NOL Carryforward and Carryback$|$Carryforward

and Year $5.$ Net operating loss carryforwards can only offset a maximum of $80\%$ of taxable income in each of the future years Required

a$.$ Provide the income tax entry for Year $2.$

b$.$ Provide the income tax entry for Year $3,$ assuming that the actual taxable income was $$30,000($tax rate, $25\%).$

c$.$ Provide the income tax entry for Year $4,$ assuming that Year $3$ results were as described in part b$,$ and that the actual Year $4$ taxable income was $$65,000.$

d$.$ Provide the entry for Year $5,$ assuming results for Year $3$ and Year $4$ were as described in parts b and c$,$ and assuming that the actual Year $5$ taxable income was $$225,000.$