Prepare conlin entry to record effect of the loss carrback

Reference no: EM13137695

Conlin Corporation had the following tax information

Year Taxable Income Tax Rate Taxes Paid
2010 $300,000 35% $105,000
2011 $325,000 30% $97,500
2012 $400,000 30% $120,000

In 2013 Conlin suffered a net operating loss of $491,700, which it elected to carry back. The 2013 enacted tax rate is 29%. Prepare Conlin's entry to record the effect of the loss carryback.

Reference no: EM13137695

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