Ivanhoe Corporation had the following tax information.

In 2018, Ivanhoe suffered a net operating loss of $484,000, which it elected to carry back. The 2018 enacted tax rate is 30%. Prepare Ivanhoes entry to record the effect of the loss carryback.

Year 2015 2016 2017 Taxable Income $304,000 327,000 392,000 Tax Rate 3690 31% 31% Taxes Paid $109,440 101,370 121,520