Tobac Company reported an operating loss of $142,000 for financial reporting and tax purposes in 2016. The enacted tax rate is 40% for 2016 and all future years. Assume that Tobac 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:

		Taxable income			Tax rates			Taxes paid
2012	$	40,000			30%		$	12,000
2013	$	45,000			30%		$	13,500
2014	$	52,000			35%		$	18,200
2015	$	50,000			40%		$	20,000

Required:
	1. Prepare a compound journal entry to record Tobacs tax provision for the year 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. JE1 - Record the income taxes 2. Compute Tobac's net loss for 2016