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Bramble Corporation had the following tax information: Tax Year Taxable Income Taxes Paid Rate 2017 $391,000 31% $121,210 2018 313,000 30% 93,900 2019 401,700 30%
Bramble Corporation had the following tax information: Tax Year Taxable Income Taxes Paid Rate 2017 $391,000 31% $121,210 2018 313,000 30% 93,900 2019 401,700 30% 120,510 In 2020, Bramble suffered a net operating loss of $558,000, which it decided to carry back. The 2020 enacted tax rate is 25%. Prepare Bramble'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.) Year Account Titles and Explanation Debit Credit 2020
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