Ayesha Corporation had the following tax information:

In 2011, Ayesha suffered a net operating loss of $550,000, which it decided to carry back. The 2011 enacted tax rate is 29%. Prepare Ayesha's entry to record the effect of the loss carryback.

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Year 2008 2009 2010 Taxable Income $390,000 325,000 400,000 Tax Rate 35% 30% 30% Taxes Paid $136,500 97,500 120,000