I am not able to understand how to come up with amount 12300?

b) In 2020 , its first year of operations, Chinook Inc. has a net operating loss of ($300,000). Assume the management of Chinook Inc. thinks at the end of 2020, that it is unlikely that the loss carryforward will be realized in the near future. Then, in 2021, Chinook has $255,000 in taxable income, and is expected to be profitable from 2021 onwards. Assume tax rates of 14% and 16% in 2021 and 2020 respectively. The tax rate in 2022 and onwards is expected to be 15%. Required: Prepare the required entries based on the above information. No tax provision entry for 2020 as it was assumed that the company will not be profitable. Current Income tax expense. To Income tax payable 0 For 2021, Current Tax expense To Current tax payable Income Tax Receivable To Current tax benefit recovery - carryforward. Deferred Income tax Asset. To Deferred Income tax recovery Netting, Current Tax Expense To current tax payable 0