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Business, 21.04.2020 01:28 missmontgomery21

Skysong Corporation had the following tax information.

Year Taxable Income Tax Rate Taxes Paid
2018 $276,000 35 % $96,600
2019 299,000 30 89,700
2020 368,000 30 110,400

In 2021, Skysong suffered a net operating loss of $441,600, which it elected to carryback. The 2021 enacted tax rate is 29%.

Prepare Skysong’s entry to record the effect of the loss carryback.

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Skysong Corporation had the following tax information.

Year Taxable Income Tax Rate Taxe...
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