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Shamrock Corporation had the following tax information. Year 2023 2024 2025 Taxable Income Tax Rate $270,000 292,500 360,000 35 % 30 30 Taxes Paid $94,500
Shamrock Corporation had the following tax information. Year 2023 2024 2025 Taxable Income Tax Rate $270,000 292,500 360,000 35 % 30 30 Taxes Paid $94,500 87,750 108,000 In 2026, Shamrock suffered a net operating loss of $432,000, which it elected to carryback. The 2026 enacted tax rate is 29%. Prepare Shamrock's entry to record the effect of the loss carryback. (List debit entry before credit entry. 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.)
I've tried using accounts benefit due to loss carryback and benefit due to loss carryforward. which account is correct?
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