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Burgher Inc. experienced a tax loss in Yr 3. The company shows the following taxable income (loss) and tax rate for yr1 through yr3. There
Burgher Inc. experienced a tax loss in Yr 3. The company shows the following taxable income (loss) and tax rate for yr1 through yr3. There were no temporary differences from yr1 to yr3 a. Record the yr 3 entry for a loss carryback assuming that the company qualifies for a 2 year loss carry-back option for tax purposes, using the earliest year first and with no income restrictions b. List the accounts and amounts that should be reported on the income statement and on the yr-end balance sheet of yr3
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