Question
Brief Exercise 19-12 Cheyenne Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $304,000 35% $106,400 2016 327,000 30% 98,100
Brief Exercise 19-12 Cheyenne Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $304,000 35% $106,400 2016 327,000 30% 98,100 2017 406,000 30% 121,800 In 2018, Cheyenne suffered a net operating loss of $482,000, which it elected to carry back. The 2018 enacted tax rate is 29%. Prepare Cheyennes entry to record the effect of the loss carryback. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work
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