Question: Conlin Corporation had the following tax information. In 2011 Conlin suffered a net operating loss of $480,000, which it elected to carry back. The 2011

Conlin Corporation had the following tax information. In 2011 Conlin suffered a net operating loss of $480,000, which it elected to carry back. The 2011 enacted tax rate is 29%. Prepare Conlin's entry to record the effect of the loss carry back.

Year 2008 2009 2010 Taxable Income $300,000 $325,000 $400,000 Tax Rate 35%

Year 2008 2009 2010 Taxable Income $300,000 $325,000 $400,000 Tax Rate 35% 30% 30% Taxes Paid $105,000 $ 97,500 $120,000

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