Question
Oriele Corporation had the following tax information Year Taxable Income Tax Rate Taxes Paid 2020 $389,000 31% 120,590 2021 311,000 30% 93,300 2022 400,100 30%
Oriele Corporation had the following tax information
| Year | Taxable Income | Tax Rate | Taxes Paid |
| 2020 | $389,000 | 31% | 120,590 |
| 2021 | 311,000 | 30% | 93,300 |
| 2022 | 400,100 | 30% | 120,030 |
In 2023, Oriole suffered a net operating loss of $565,000, which it decided to carryback. The 2023 enacted tax rate is 25%.
Required: Prepare Oriole's entry to record the effect of loss carryback.
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Accounting For Management Control
Authors: Emmanuel
2nd Edition
186152272X, 978-1861522726
