Operating income and tax rates for C.J. Companys first three years of operations were as follows:

Income _ Enacted tax rate

2014 $300,000 35%

2015 ($750,000) 30%

2016 $1,260,000 40%

Assuming that C.J. Company opts to carryback its 2015 NOL, what is the amount of income tax payable at December 31, 2016? (hint prepare the necessary journal entry needed to record income taxes in 2015 and 2016).

A. 204,000

B. 504,000

C. 369,000

D. 324,000