Lilac Company reponted an operating loss of $128,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and all future years. Assume that Lilac operates in an industry for which NOL carryback is allowed and elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in Lllac's first four years of operations were as follows. Required: 1. Prepare a compound journal entry to record Lilac's tax provision for the year 2021 2. Compute Lilac's net loss for 2021 Complete this question by entering your answers in the tabs below. Prepare a compound fournal entry tofincord Tobac's tax provision for the year 2021. (If no entry is required for a transaction/event, seloct "No foumal entry required" in the first account field.) Journal entry worksheet Lilac Company reported an operating loss of $128,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and all future years. Assume that Lilac operates in an industry for which NOL carryback is allowed and elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in Lilac's first four years of operation were as follows: Required: 1. Prepare a compound journal entry to record Lliac's tax provision for the year 2021 2 Compute Lilac's net loss for 2021 Complete this question by entering your answers in the tabs below. Compute Tobac's net loss for 2021