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Question - Cabot Company reported a pretax operating loss of $50,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and subsequent years. Assume that Cabot operates in an industry for which NOL carryback is allowed and requests a refund of taxes already paid by electing a loss carryback. Taxable Income, tax rates, and income taxes paid in Cabot's first four years of operations were as follows:
Taxable Income
Tax Rates
Taxes Paid
2017
$30,000
30%
$9,000
2018
$35,000
$10,500
2019
$42,000
35%
$14,700
2020
$40,000
40%
$16,000
Required -
1. Prepare the journal entry to record Cabot's income taxes for the year 2021.
2. Compute Cabot's net loss for 2021.
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