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Prepare the journal entry on December

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Reference no: EM132545291

Question - Colorado Company has provided you the following information.

Year

Taxable income

Income tax rate

2014

$390,000

35%

2015

$320,000

37%

2016

$400,000

40%

2017

($1,200,000)

40%

Colorado Company has decided to use the loss carryback and carryforward provision as a result of the year 2017 loss. The enacted tax rate remains at 40% after year 2017. Colorado Company has determined that a valuation allowance is not necessary.

Required - Prepare the journal entry on December 31, 2017 to record the carryback and carryforward decision.

Reference no: EM132545291

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