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Prepare monty entry to record the effect of loss carryback

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Reference no: EM131578074

Question - Monty Corporation had the following tax information.

Year

Taxable Income

Tax Rate

Taxes Paid

2015

$304,000

38%

$115,520

2016

320,000

33%

105,600

2017

401,000

33%

132,330

In 2018, Monty suffered a net operating loss of $482,000, which it elected to carry back. The 2018 enacted tax rate is 32%.

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

Reference no: EM131578074

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