Pharoah Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (Loss) Tax Rate 2023 $116,000 2024 110,000 2025 2026 (234,000) 317,000 ༄ ཚོ ཚོ ཚོ 17% 17% Screenshot 2024-07-28 at 5.17.57PM 02.0 Prepare the journal entries for the years 2023-2026 to record income tax expense (benent) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2025 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (List all debit entries before credit entries. Credit account titles are automatically indented when 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 Credit 19.720 Assuming that at the end of 2025 the benefits of the loss carryforward are judged more likely than not to be realized in the future, prepare the income tax section of the 2025 income statement beginning with the line "Operating loss before income taxes." (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) PHAROAH INC. Income Statement (Partial) 2023 Income Tax Expense Income Tax Payable 2024 Income Tax Expense 18.700 Income Tax Payable 2025 Deferred Tax Asset 44,460 Income Tax Expense 2026 Income Tax Expense Income Tax Payable Deferred Tax Asset 60,230 19.720 18,700 $ 44,460 15,770 44,460 Pharoah Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Screenshot 2024 -07-28 at 5.17.57 PM Prepare the journal entries for the years 2023 - 2026 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the loss carryforward, assuming that at the end of 2025 the benefits of the loss carryforward are judged more likely than not to be realized in the future. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)