Assuming that the carry back provision is used prepare all

Question

For both GAAP and tax purposes, Raymond Incorporated reported the following pre-tax income (loss) for each of the years:

Year       Pre-tax income   Tax Rate

2008          $180,000       30%

2009          120,000       30%

2010       (400,000)       40%

2011          80,000       40%

Required:

Assuming that the carry back provision is used, prepare all the necessary journal entries for each year 2008-2011 to record income tax expense (benefit) and income tax payable (refundable), and the tax effects of the loss carry back and loss carry forward. (Assume that no valuation allowance is required)