Tobac Company reported an operating loss of $125,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and all future years. Assume that Tobac 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 Tobac's first four years of operations were as follows: 2017 2018 2019 2020 Taxable income $23,000 $28,000 $ 35,000 $33,000 Tax rates 300 300 358 408 Taxes paid $ 6,900 $ 8,400 $12,250 $13, 200 Required: 1. Prepare a compound journal entry to record Tobac's tax provision for the year 2021. 2. Compute Tobac's net loss for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.) View transaction list Journal entry worksheet Record the income taxes. Note: Enter debits before credits Tobac Company reported an operating loss of $125,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and all future years. Assume that Tobac 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 Tobac's first four years of operations were as follows: 2017 2018 2019 2020 Taxable income $23,000 $28,000 $35,000 $33,000 Tax rates 304 301 35 408 Taxes paid $ 6,900 $ 8,400 $12,250 $13,200 52 Required: 1. Prepare a compound journal entry to record Tobac's tax provision for the year 2021 2. Compute Tobac's net loss for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.) View transaction list Journal entry worksheet 1 > Record the income taxes. Hotet Enter dahit here 15, 16) Tobac Company reported an operating loss of $125,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and all future years. Assume that Tobac 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 Tobac's first four years of operations were as follows: 2017 2018 2019 2020 Taxable income $23,000 $28,000 $35,000 $33,000 Tax rates 300 308 Taxes paid $ 6,900 $ 8,400 $12,250 $13,200 358 403 Required: 1. Prepare a compound journal entry to record Tobac's tax provision for the year 2021. 2. Compute Tobac's net loss for 2021. Complete this question by entering your answers in the tabs below. Required 1 Realired 2 Compute Tobac's net loss for 2021. Not loss