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Verna Enterprises experienced an NOL of $569,000 in 2022. Vera operates in a jurisdiction that allows losses to be carried back two years. The company
Verna Enterprises experienced an NOL of $569,000 in 2022. Vera operates in a jurisdiction that allows losses to be carried back two years. The company reported taxable income of $441,000 in 2020 and $326,000 in 2021. The tax rate for all years is 30% Verna elects to carryback the NOL What is the necessary journal entry to record the NOL carryback in the year of the loss? Prepare a partial income statement for the year of the loss. Prepare a partial income statement for the year of the loss. (Use a minus sign or parentheses for any loss amounts) Partial Income Statement Net loss before tax benefit Income Tax Benefit Net loss after tax benefit Vema Enterprises experienced an NOL of $569,000 in 2022. Vera operates in a jurisdiction that allows losses to be carried back two years. The company reported taxable income of $441,000 in 2020 and $326,000 in 2021. The tax rate for all years is 30% Vema elects to carryback the NOL. What is the necessary journal entry to record the NOL carryback in the year of the loss? Prepare a partial income statement for the year of the loss. 21 What is the necessary journal entry to record the NOL carryback in the year of the loss? (Record debits first, then credits Exclude explanations from any journal entries Abbreviation Used NOL Net Operating Loss.) Account Income Tax Refund Receivable December 31, 2022 569000 Deferred Tax Asset 569000
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