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arryback. *BE19.16 (LO 6) Sylvie Inc. incurred a net operating loss of $500,000 in 2020. Combined income for 2018 and 2019 was $350,000. The tax

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arryback. *BE19.16 (LO 6) Sylvie Inc. incurred a net operating loss of $500,000 in 2020. Combined income for 2018 and 2019 was $350,000. The tax rate for all years is 20%. Sylvie elects the carryback option. Prepare the journal entries to record the benefits of the loss carryback and the loss carryforward. Sylvie expects to return to profitability in 2021

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