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Oriole Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $304,000 36% $109,440 2016 327,000 31% 101,370 2017 392,000 31%
Oriole Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $304,000 36% $109,440 2016 327,000 31% 101,370 2017 392,000 31% 121,520 In 2018, Oriole suffered a net operating loss of $484,000, which it elected to carry back. The 2018 enacted tax rate is 30%. Prepare Orioles entry to record the effect of the loss carryback.
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