Assume carryback provision is used for net operating loss

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Reference no: EM131459288

NOL Carryback and Carryforward, Valuation Account versus No Valuation Account) Sondgeroth Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. (Assume the carryback provision is used for a net operating loss.) Year Pretax Income (Loss) Tax Rate 2009 $110,000 34% 2010 90,000 34% 2011 (260,000) 38% 2012 220,000 38% The tax rates listed were all enacted by the beginning of 2009. (a) Prepare the journal entries for the years 2009-2012 to record income tax expense (benefit) and income tax payable (refundable) and the tax effects of the loss carryback and carryforward, assuming that at the end of 2011 the benefits of the loss carryforward are judged more likely than not to be realized in the future

Reference no: EM131459288

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