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Prepare the journal entries to record the benefits

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Problem - Bridgeport Inc. incurred a net operating loss of $580,000 in 2020. Combined income for 2017, 2018, and 2019 was $457,000. The tax rate for all years is 30%. Prepare the journal entries to record the benefits of the carryback and the carryforward, assuming it is more likely than not that the benefits of the loss carryforward will be realized.

Reference no: EM132721463

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