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The following information is taken from the financial statements of Aruban Enterprises
(The chart is attached)
The company elects to use the carryback provisions of the tax law.
Instructions:
1. Given the information from the financial statements, compute the amount of income tax refund due as a result of the operating loss in 2011.
2. What is the amount, if any, of the operating loss carryforward? How would the operating loss carryforward be reflected in the financial statements?
3. Assume the foregoing information except as follows:
(a) The loss in 2011 was $39,000. Calculate the refund due and prepare the journal entry to record the claim for income tax refund.
(b) In addition to (a), there was a loss of $28,000 in 2012. How much could be carried back, and how much could be carriedforward?
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these last two questions are giving me trouble. if anyone has any help to give me i would truly appreciate it.exercise
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