Oriole Inc. incurred a net operating loss of $478,000 in 2017. Combined income for 2015 and 2016 was $331,000. The tax rate for all years is 30%. Oriole elects the carryback option. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years. Prepare all the journal entries necessary at the end of 2017.