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Tamarisk Corporation had the following tax information. Tax Rate Year 2015 2016 2017 Taxable Income $295,000 325,000 401,000 38% 33% 33% Taxes Paid $112,100 107,250
Tamarisk Corporation had the following tax information. Tax Rate Year 2015 2016 2017 Taxable Income $295,000 325,000 401,000 38% 33% 33% Taxes Paid $112,100 107,250 132,330 In 2018, Tamarisk suffered a net operating loss of $478,000, which it elected to carry back. The 2018 enacted tax rate is 32%. Prepare Tamarisk's entry to record the effect of the loss carryback. (Credit account titles are automatically indented when amoun required, select "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Income Tax Refund Receivable 143400 Benefit Due to Loss Carryback 143400
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