Farms reported a net operating loss of $200,000 for financial reporting and tax purposes in 2019. The enacted tax rate is 25%. Taxable income, tax rates, and income taxes paid in Farms first two years of operations were as follows:

2017 - $100,000 - 40%

2018 - $60,000 - 25%

Assume NOL is allowed to carry back for two years, the amount of net loss reported on the income statement for the year ended December 31, 2019 would be:

1. -150,000

2. -120,000

3. -135,000

4. -145,000