Solution-Prepare monty entry to record the effect of loss

Prepare monty entry to record the effect of loss carryback

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Reference no: EM131578074

Question - Monty Corporation had the following tax information.

Year	Taxable Income	Tax Rate	Taxes Paid
2015	$304,000	38%	$115,520
2016	320,000	33%	105,600
2017	401,000	33%	132,330

In 2018, Monty suffered a net operating loss of $482,000, which it elected to carry back. The 2018 enacted tax rate is 32%.

Prepare Monty's entry to record the effect of the loss carryback.

Reference no: EM131578074

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Prepare monty entry to record the effect of loss carryback

Reference no: EM131578074

Reference no: EM131578074

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