(L03) Conlin Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $300,000...
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(L03) Conlin Corporation had the following tax information.
Year Taxable Income Tax Rate Taxes Paid 2015 $300,000 35% $105,000 2016 325,000 30 97,500 2017 400,000 30 120,000 In 2018, Conlin suffered a net operating loss of $480,000, which it elected to carry back. The 2018 enacted tax rate is 29%. Prepare Conlin’s entry to record the effect of the loss carryback.
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