Prepare journal entry to record the effect of the loss carry back

Shamrock Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2018 $270,000 35 % $94,500 2019 292,500 30 87,750 2020 360,000 30 108,000 In 2021, Shamrock suffered a net operating loss of $432,000, which it elected to carryback. The 2021 enacted tax rate is 29%. Prepare Shamrock's entry to record the effect of the loss carryback. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Save for Later Attempts: 0 of 1 used Submit