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Year Capital Gain (Loss) Tax Rate Income Tax 2015 $32,000 40% $12,800 2016 23,300 35% 8,155 2017 33,100 40% 13,240 2018 22,500 21% 4,725 2019
| Year | Capital Gain (Loss) | Tax Rate | Income Tax |
| 2015 | $32,000 | 40% | $12,800 |
| 2016 | 23,300 | 35% | 8,155 |
| 2017 | 33,100 | 40% | 13,240 |
| 2018 | 22,500 | 21% | 4,725 |
| 2019 | (94,300) | 21% | 0 |
What would be the journal entry in 2019 to record the carryback?
How much of the loss is available to carry forward? How will this be reflected in the financial statements?
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