Cabot Company reported a pretax operating loss of $50,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and subsequent years. Assume that Cabot operates in an industry for which NOL Carryback is allowed and requests a refund of taxes already paid by electing a loss carryback. Taxable income, tax rates, and income taxes paid in Cabot'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 $42,000 359 $14,700 2020 $40,000 40% $16,000 Required: 1. Prepare the journal entry to record Cabot's Income taxes for the year 2. Compute Cabot's net loss for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Cabot's income taxes for the year 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet