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Rhodes Incorporated incurred a net operating loss (NOL) of $250,000 in 2015. The combined income for 2013 and 2014 was $350,000. The tax rate for

Rhodes Incorporated incurred a net operating loss (NOL) of $250,000 in 2015. The combined income for 2013 and 2014 was $350,000. The tax rate for all years is 40%. Rhodes elects the carryback option. Required: Prepare all the required journal entries

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