Reference no: EM13775212
The following data relates to Sugar Company
2012 income 440,000 tax rate 30 tax paid 157,000
2013income 310,000 tax rate 25 tax paid 95,000
2014 income 14,000 tax rate 20 tax paid 3,650
In 2015 Sugar suffered a net operating loss of 924,000. The company will use the payback provision.
Calculate the refund due to the loss carry back and the amount of loss available to carry forward to future periods. Tax rate in 2015 and beyond is 30%.
Prepare journal entry to record the loss carry back and carry forward in 2015. It is more likely than not that there will future taxable income will be sufficient to allow for full realization of any deferred tax assets.
It is not likely there will any future taxable income. Prepare the adjusting journal entry for this new information.
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