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 35% 14,700 2020 40,000 40% 16,000 Required: 1.) Prepare the journal entry to record Cabot's income taxes for the year 2021. Show well-labeled computations. 2.) Compute Cabot's net loss for 2021