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I need help with this question, part A and B, in the attached file, quickly. Thank you! year taxable income tax rate taxes paid 2013
I need help with this question, part A and B, in the attached file, quickly. Thank you!
year taxable income tax rate taxes paid 2013 300000 105000 2014 325000 2015 400000 35% 30% 30% 97500 120000 In 2016, when the tax rate is 29%, the company suffers a NOL of -450000. They choose to carry the loss back. A. Prepare the necessary journal entry to reflect the carryback effect of the NOL. B. Assume that they elect NOT to carryback the NOL, but ONLY carryforward. The future tac rate is 40%. Prepare the necessary journal entry required for 2016 Step by Step Solution
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Financial Accounting
Authors: Robert Kemp, Jeffrey Waybright
3rd Edition
133427889, 978-0133427882
