Your answer is partially correct. The pretax financial income (or loss) figures for Tamarisk Company are as follows. 2016 2017 2018 275,000 88,000 (176,000) (115,000) 148,000 108,000 2019 2020 2021 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2016, and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carrybacks and carryforwards assuming Tamarisk 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.) (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.) Date Account Titles and Explanation Debit Credit 2017 Income Tax Expense 17600 Income Tax Payable 17600 2018 Deferred Tax Asset 55000 Income Tax Expense 55000 2019 Deferred Tax Asset 17600 Benefit Due to Loss Carryback 17600 (To record loss carryback) 2019 Deferred Tax Asset 5400 Benefit Due to Loss Carryforward 5400 (To record loss carryforward) 2020 Income Tax Expense 29600 Deferred Tax Asset 23000 Income Tax Payable 6600 2021 Income Tax Expense 21600 Income Tax Payable 21600