Prepare journal entries to record the benefit of loss

Reference no: EM13818800

Trenton Co. incurred a net operating loss of $850,000 in 2014. Combined income of 2012 and 2013 was $650,000. The tax rate for all years is 30%. Trenton elects the carry back option.

Prepare journal entries to record the benefit of loss carry back and loss carry forward oprion
Prepare entries necessay at end of 2014 assuming not ll carry forward will be realized in future.

Reference no: EM13818800

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