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 operations 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. Prepare a compound journal entry to record tobac's tax provision for the year 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 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 fates. and income taxes paid in Lilac's first four years of operations were as follows: Required: 1. Prepare a compound joumal 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 onswers in the tabs below. Compute Tobac's net loss for 2021