Question
Use the following information for questions CC Inc. reported the following results for its first three years of operation: 2021 income (before income laxes). $
Use the following information for questions CC Inc. reported the following results for its first three years of operation: 2021 income (before income laxes). $ 300.000 2022 loss (before income taxes). (2,700,000) 2023 income (before income taxes). 3,000,000 There were no permanent or temporary differences during these three years. Asume a corporate tax rate of 30%.
If CC uses the carryback provision, what (net loss) is reported in 2022 Income Statement? Show the lower portion of the 2022 income statement (hat reports the income tax benefit of the net operating loss.
Prepare the journal entry to recognize the income tax benefit of net operating Loss
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