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  3. ayayai corporation had the following tax informati

Ayayai Corporation had the following tax information: Year Taxable...

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Accounting

Ayayai Corporation had the following tax information:

Year Taxable Income Tax Rate Taxes Paid

2017

 $390,000 31% $120,900

2018

 312,000 30% 93,600

2019

 398,100 30% 119,430

In 2020, Ayayai suffered a net operating loss of $565,000, which it decided to carry back. The 2020 enacted tax rate is 25%. Prepare Ayayais entry to record the effect of the loss carryback. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Year

Account Titles and Explanation

Debit

Credit

2020

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

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