The pretax financial income (or loss) figures for Jenny Spangler Company are as follows.2017$80,0002018(160,000)201 9(380,000)2020120,0002021100,000Pre tax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016, and a 20% tax rate for the remaining years. InstructionsPrepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.)