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asap Swifty Corporation had the following tax information: Year Taxable Income Tax Rate 31% 2017 30% 2018 2019 $391,000 313,000 400,600 30% 2020 Year Account
asap Swifty Corporation had the following tax information: Year Taxable Income Tax Rate 31% 2017 30% 2018 2019 $391,000 313,000 400,600 30% 2020 Year Account Titles and Explanation Taxes Paid $121,210 93,900 In 2020, Swifty suffered a net operating loss of $560,000, which it decided to carry back. The 2020 enacted tax rate is 25%. Prepare Swifty's entry to record the effect of the loss carryback. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) 120,180 Debit 155650 Credit 155650
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