Kyle Inc. incurred a net operating loss of $580,000 in 2014. Combined income for 2011, 2012, and

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Kyle Inc. incurred a net operating loss of $580,000 in 2014. Combined income for 2011, 2012, and 2013 was $460,000. The tax rate for all years is 35%. Prepare the journal entries to record the benefits of the carry back and the carry forward, assuming it is more likely than not that the benefits of the loss carry forward will be realized.
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Intermediate Accounting

ISBN: 978-1118300855

10th Canadian Edition Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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