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Prepare the journal entries to record the benefits

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Question - Cheyenne Inc. incurred a net operating loss of $504,000 in 2017. Combined income for 2015 and 2016 was $367,000. The tax rate for all years is 30%. Cheyenne elects the carryback option. Prepare the journal entries to record the benefits of the loss carryback and the loss carryforward. Cheyenne expects to return to profitability in 2018.

Reference no: EM132251803

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