Wexley reported the following pretax financial income (loss) for the years 20152019.

2015 $340,000

2016 380,000

2017 110,000

2018 (730,000)

2019 200,000

Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 40% for all years. Assume the carryback provision is used first for net operating losses.

Prepare the journal entries for the years 20172019 to record income tax expense, income taxes payable (refundable), and the tax effects of the loss carryback and loss carryforward, assuming that at the end of 2018 the benefits of the loss carryforward are judged more likely than not to be realized in the future.

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