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Required: 1. Prepare a compound journal entry to record Tobac's tax effects for the year 2021 (both carryback and carryforward, if applicable). 2. Compute Tobac's net loss (after taxes) for 2021. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare a compound foumal entry to record Totac's tax provision for the year 2021. (tr no entry is required for a transactionvevent, select "No joumal entry required" in the first account field.) Tobac Company reported an operating loss of $124,000 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: Required: 1. Prepare a compound journal entry to record Tobac's tax effects for the year 2021 (both carryback and carryforward, if applicable). 2. Compute Tobac's net loss (after taxes) for 2021. Answer is complete but not entirely correct. Complete this question by entering vour answers in the tabs below. Prepare a compound Journat entry to record Tobac's tax provision for the year 2021. (1f no entry is required for a transactionvevent, seiect "No journal entry required" in the first account field.) Complete this question by entering your answers in the tabs below. Compute Tobac's net loss for 2021

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