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Date

Particulars

Debit

Credit

2017

Income tax expense$\left(\$120,000脳40\%\right)$

$48,000

Income tax payable

$48,000

(To record the tax expense)

2018

Income tax refund receivables

$\left(\$350,000脳34\%+\left(\$120,000脳40\%\right)\right)$

$167,000

Deferred tax asset

$\left(\left(\$570,000-\$350,000-\$120,000\right)脳40\%\right)$

$40,000

Benefit due to loss carryback

$167,000

Benefit due to loss carryforward

$40,000

(To record the loss)

2018

Benefit due to loss carryforward$\left(\frac{\$40,000}{5}\right)$

$8,000

Allowance to reduce deferred tax asset to expected realizable value

$8,000

(To record the allowance)

2019

Income tax expense

$72,000

Income tax payable

$\left(\$40,000-\$8,000\right)$

$32,000

Deferred tax asset

$40,000

(To record the tax payable)

2019

Allowance to reduce deferred tax asset to expected realizable value

$8,000

Benefit due to loss carryforward

$8,000

(To record the loss)

Particulars

Amount

Loss before income taxes

($570,000)

Less: Income tax benefit

Carryback

$167,000

Carryforward

$32,000

Net Loss

($371,000)