Prepare journal entries to record the benefit of loss

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Reference no: EM13818800

Trenton Co. incurred a net operating loss of $850,000 in 2014. Combined income of 2012 and 2013 was $650,000. The tax rate for all years is 30%. Trenton elects the carry back option.

  • Prepare journal entries to record the benefit of loss carry back and loss carry forward oprion
  • Prepare entries necessay at end of 2014 assuming not ll carry forward will be realized in future.

Reference no: EM13818800

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