Please help me. Thankyou. No. Account Titles and ExplanationIncome Tax Receivablei)Deferred Tax Expense(To recognize the benefit of the loss carryback)Deferred Tax ExpenseDeferred Tax Liability(To recognize the benefit of the loss carryforward)Current Tax ExpenseIncome Tax Receivable.Debit8466018200Credit0000000084660846601820084660 Crane Inc. reports the following incomes (losses) for both book and tax purposes:Accounting Income/(Loss)Year2023202420252026183,00093,000(364,000)36,000TaxRate30%32%34%35%Crane Inc. follows IFRS and uses the carryback provision where possible. The tax rates listed were all enacted in 2023.Prepare the journal entries for 2025. Assume also that i) it is probable that the company will generate sufficient taxable income in thefuture so that the benefit of any remaining loss will be realized; ii) company's future profitability is uncertain and there is not enough.evidence concerning whether there will be future taxable income. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journalentries in the order presented in the problem. List all debit entries before credit entries.)

The carryback and carryforward of losses refer to provisions in tax systems that allow businesses to…

No. Account Titles and Explanation Income Tax Receivable i) ii) Deferred Tax Expense (To recognize the benefit of the loss carryback) Deferred Tax Expense Deferred Tax Liability (To recognize the benefit of the loss carryforward) Current Tax Expense Income Tax Receivable Debit 10 11 84660 18200 84660 Credit 84660 00 00 18200 84660