The pretax financial income (or loss) figures for Waterway Company are as follows. 2021 $345,000 2022...

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The pretax financial income (or loss) figures for Waterway Company are as follows. 2021 $345,000 2022 112,800 2023 (215,600) 2024 (199,000) 2025 159,000 2026 119,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2021 and 2022, and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2022 to 2026 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Waterway Company uses the carryback provision. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit 2022 Income Tax Expense 2023 2024 Income Tax Payable Income Tax Expense (To record loss carryback) 2024 Deferred Tax Asset Income Tax Expense (To record loss carryforward) 2025 Income Tax Expense Deferred Tax Asset Income Tax Payable 50760 2026 Income Tax Expense 23800 Credit 50760 23800 The pretax financial income (or loss) figures for Waterway Company are as follows. 2021 $345,000 2022 112,800 2023 (215,600) 2024 (199,000) 2025 159,000 2026 119,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2021 and 2022, and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2022 to 2026 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Waterway Company uses the carryback provision. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit 2022 Income Tax Expense 2023 2024 Income Tax Payable Income Tax Expense (To record loss carryback) 2024 Deferred Tax Asset Income Tax Expense (To record loss carryforward) 2025 Income Tax Expense Deferred Tax Asset Income Tax Payable 50760 2026 Income Tax Expense 23800 Credit 50760 23800