Can you please explain the how the refundable tax payable and the carryback provision?

PIG - 5 INOL without Valuation Account ! Jennings Inc . reported the following pretax income /loss ) andrelated tax rates during the Years ZULU`- 2014 .Fiala` Income /loss!Ta` Hall*25, QOD50.GODPretax financial income ( loss) and taxable income (loss ) were the same for all years since Jennings beganbusiness ." The tax rates from 20111 - 2011+ were Enacted in 2011 .Instructionslay Prepare the journal Entries for the years 20112- 21/14 to record income taxes payable /refundable; , in -ComE tax Expense |benefit ) , and the tax effects of the loss carry back and carryforward . ``sure thatJennings elects the carryback provision where possible and expects to realize the benefits of any losscarryforward in the Year that immediately follows the loss Year .I'll Indicate the effect the 2012 entrylies; has on the December 31, 2012, balance sheet.