5. B Company reported an operating loss of $170,000 for financial reporting and had nondeductible life insurance expense of $10,000 in 2021. The enacted tax rate is 25% for 2021 and all future years. Assume that B operates in an industry for which a NOL can be carried back two years and elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in B's first four years of operations were as follows: Taxable Tax Taxes income rates paid 2017 $30,000 30% $9,000 2018 35,000 30% 10,500 2019 50,000 35% 17,500 2020 40,000 25% 10,000 Required: (show the computing process and precise journal entries) 1.) Prepare the required journal entries to record B's tax provision for the year 2021. 2.) Compute B's net loss for 2021