Brief Exercise 19-12 Cullumber Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $304,000 36% $109,440 2016 327,000 31% 101,370 2017 392,000 31% 121,520 In 2018, Cullumber suffered a net operating loss of $484,000, which it elected to carry back. The 2018 enacted tax rate is 30%. Prepare Cullumbers 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

Income Tax Refund Receivable

Benefit Due to Loss Carryback