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45 Problem 16-140 Tobac Company reported an operating loss of S139000 for financial report ro and tax purposes n ore he enacted ax rae is 40% for 2018 and all future years. Assume that Tobac elects a loss carryback. No valuation allowance is needed for any deferred tax assets. incone rates paid $11,lee 30% $12,see 35% $17,se 4$18,see 30% 2814 2015 2016 2017 37,eee $42,eee s49,000 $47,eee Print References Required: 1:-Prepare a compound journal entry to record Tobac's tax provision for the year 2018. 2 Compute Tobac's net loss for 2018. 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 2018. (If no entry is required for a transaction/event, select No journal entry raquired" in the first account field.) Journal entry worksheet Record the income taxes Complete this question by entering your answers in the tabs below. Required 1 Required 2 eBook Prepare a cormpound journal entry to record Tobac's tax provision for the year 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Print View transaction list Journal entry worksheet Record the income taxes Note: Enter debits before credits Transaction General Journal Debit Credit Receivable-Income tax refund Deferred tax asset ncome tax benefit lobac Company reported an operating loss ot st y 000 tor tinancial reporting and tax purposes in 2018. I he enacted tax rate is 40% for 2018 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: paid $11,100 38% 2014 $37,000 2015 $42,000 30% $12,600 2016 $49,000 35% $17,150 2017 $47,000 40% $18,800 eBook Print Required 1. Prepare a compound journal entry to record Tobac's tax provision for the year 2018. 2. Compute Tobac's net loss for 2018. Complete this question by entering your answers in the tabs below Required 1 Required 2 Compute Tobac's net loss for 2018. loss Required 1

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