Saginaw Incorporated completed its first year of operations with a pretax loss of $$585,000.$ The tax return showed a net operating loss of $$746,000,$ which the company will carry forward. The $$161,000$ book$-$tax difference results from excess tax depreciation over book depreciation. Management has determined that it should record a valuation allowance equal to the net deferred tax asset. Assume the current tax expense is zero.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Required:

a$.$ Prepare the journal entry to record the deferred tax consequences for recognition of the current year NOL before considering the valuation allowance.

b$.$ Prepare the journal entry to record the deferred tax consequences of the depreciation book$-$tax difference.

c$.$ Prepare the journal entry to record the deferred tax consequences of the valuation allowance.

Answer is not complete.

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[1,a,$Deferred tax asset,,$],[,,$Deferred tax benefit,,$],[,,,,],[2,b,$Deferred tax expense,,$],[,,,,]]$