Solution-Prepare Metlock entry to record effect of the loss

Prepare Metlock entry to record effect of the loss carryback

Reference no: EM132448058

Question - Metlock Corporation had the following tax information.

Year	Taxable Income	Tax Rate	Taxes Paid
2015	$304,000	38%	$115,520
2016	318,000	33%	104,940
2017	403,000	33%	132,990

In 2018, Metlock suffered a net operating loss of $474,000, which it elected to carry back. The 2018 enacted tax rate is 32%.

Prepare Metlock's entry to record the effect of the loss carryback.

Reference no: EM132448058

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Prepare Metlock entry to record effect of the loss carryback

Reference no: EM132448058

Reference no: EM132448058

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