Tobac Company reported an operating loss of $129,000 for financial reporting and tax purposes in 2024. The enacted tax rate is 25% for 2024 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: Taxes paid $8,100 2020 Taxable income $27,000 Tax rates 30% 2021 2022 $ 32,000 30% $9,600 $ 39,000 35% $ 13,650 2023 $ 37,000 40% $ 14,800 Required: 1. Prepare a compound journal entry to record Tobac's tax provision for the year 2024. 2. Compute Tobec's net loss for 2024. 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 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 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 2024. Note: 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. Note: Enter debits before credits. Transaction 12 General Journal Debit Credit 2020 $ 27,000 30% 2021 $ 32,000 30% $ 8,100 $ 9,600 2022 $ 39,000 35% $ 13,650 2023 $ 37,000 40% $ 14,800 Required: 1. Prepare a compound journal entry to record Tobac's tax provision for the year 2024. 2. Compute Tobac's net loss for 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute Tobac's net loss for 2024. Net loss < Required 1 Required 2 >