Grouper Corporation had the following tax information.

In 2018, Grouper suffered a net operating loss of $478,000, which it elected to carry back. The 2018 enacted tax rate is 32%. Prepare Groupers 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.)

Year Tax Rate Taxes Paid 38% 2015 2016 Taxable Income $299,000 330,000 392,000 33% $113,620 108,900 129,360 2017 33% Account Titles and Explanation Debit Credit