F 19.12 Hi I need help with the attached assignment, thanks Brief Exercise 19-12 Monty Corporation had
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F 19.12
Hi I need help with the attached assignment, thanks
Brief Exercise 19-12 Monty Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $304,000 38% $115,520 2016 320,000 33% 105,600 2017 401,000 33% 132,330 In 2018, Monty suffered a net operating loss of $482,000, which it elected to carry back. The 2018 enacted tax rate is 32%. Prepare Monty's 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
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