I turned this in and the teacher said that I have wrong answers, but every where I have looked to compare I have the same answers. Can you please tell me if you see anything wrong.

Colorado Company has provided you the following information.

YearTaxable incomeIncome tax rate

2014$390,00035%

2015$320,00037%

2016$400,00040%

2017($1,200,000)40%

Colorado Company has decided to use the loss carryback and carryforward provision as a result of the year 2017 loss. The enacted tax rate remains at 40% after year 2017. Colorado Company has determined that a valuation allowance is not necessary.

Prepare the journal entry on December 31, 2017 to record the carryback and carryforward decision.

$320,000 + $400,000 = $720,000 * 40% = $288,000

$1,200,000 - 320,000 - $400,000 = $480,000 * 40% = $192,000

Date Account titles Debit Credit

12/31/2017 Income tax refund receivable $288,000

Income tax expense (carry back benefit) $288,000

12/31/2017 Deferred tax asset $192,000

Income tax expense (carry forward benefit) $192,000