Sheridan Inc. reports the following incomes $($losses$)$ for both book and tax purposes:

Accounting Income$/$

$($Loss$)$

$210,000$

$99,000$

$(316,000)$

$43,000$

Year

$2023$

$2024$

$2025$

$2026$

Tax

Rate

$30\%$

$32\%$

$34\%$

$35\%$

Sheridan Inc. follows IFRS and uses the carryback provision where possible. The tax rates listed were all enacted in $2023.$

Prepare the journal entries for $2025.$ Assume also that i$)$ it is probable that the company will generate sufficient taxable income in the

future so that the benefit of any remaining loss will be realized; ii$)$ company's future profitability is uncertain and there is not enough

evidence concerning whether there will be future taxable income. $($Credit account titles are automatically indented when the amount is

entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Record journal

entries in the order presented in the problem. List all debit entries before credit entries.$)$

No Account Titlec and Eynlanatio

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