Swifty Corporation reported the following income for each of the years indicated. For each year, accounting income and income for tax purposes were the same. All tax rates indicated were enacted by the beginning of 2020. Swiftys policy is to carry back any tax losses first before carrying forward any remaining losses to future years.

Year		Income/ (Loss)			Tax Rate
2020		35,000			30%
2021		50,000			33%
2022		15,000			35%
2023		(112,000	)		38%
2024		(47,000	)		32%
2025		82,000			32%

Prepare the journal entries for the years 2022 to 2025 to record income taxes. Assume that, at the end of each year, the loss carryforward benefits are judged more likely than not to be realized in the future. Swifty follows the future income taxes method under ASPE

Date Account Titles and Explanation Debit Credit 2022 V Current Tax Expense 5250 Income Tax Payable 5250 2023 Income Tax Receivable 11250 Current Tax Benefit 11250 (To record benefit from loss carryback.) Deferred Tax Asset 15040 Future Tax Benefit 15040 (To recognize benefit of loss carryforward.) 2024 Current Tax Benefit 15040 Future Tax Benefit 15040 2025 Deferred Tax Asset 5240 Future Tax Benefit 5240 (To record future tax expense.) Current Tax Expense 20992 Income Tax Payable 20992 (To record current tax expense.)