Tobac Company reported an operating loss of $132,000 for financial reporting and tax purposes in 2016. The enacted tax rate is 40% for 2016 an all future years. Assume that Tobac elect loss carryback. No valuation allowance is needed for any deffered tax assets.Taxable income, tax rates, and taxes paid for the four preceding years are as follows:

	TAXABLE INCOME	TAX RATE	TAX PAID
2012	30,000	30%	$9,000
2013	35,000	30%	10,500
2014	42,000	35%	14,700
2015	40,000	40%	16,000

Prepare the necessary journal entries to record Tobac's tax provision for the year 2016. Show well-labeled computations