Check my work Tobac Company reported an operating loss of $123,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40% for 2018 and all future years. Assume that Tobac elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in Tobac's first four years of operations were as follows: points Taxable income $21,000 $26,000 $33,000 $31,000 2014 2015 2016 2017 Tax rates 30% 30% 35% 40% Taxes paid $ 6,300 $ 7,800 $11,550 $12,400 eBook Print References Required: 1. Prepare a compound journal entry to record Tobac's tax provision for the year 2018. 2. Compute Tobac's net loss for 2018