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Record the benefits of the loss carryback and carry forward

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Question: Rode Inc. incurred a net operating loss of $500,000 in 2014. Combined income for 2012 and 2013 was $350,000. The tax rate for all years is 40%. Rode elects the carryback option. Prepare the journal entries to record the benefits of the loss carryback and the loss carry forward. Rode expects to return to profitability in 2015.

Reference no: EM131592403

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