Beilman Inc. reports the following pretax income (loss) for both book and tax purposes. Beilman always elects the carryback provision when available.

Year Pre-tax Income (Loss) Tax Rate

1 120,000 30%

2 90,000 30%

3 (280,000) 35%

4 120,000 35%

Assume it is more likely than not that all deferred tax assets will be realized in the future. Prepare Beilmans 2014 journal entry to record taxes.