B. Net Operating Loss Carrot Inc. reports the following pretax income (loss) for both book...
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Accounting
B. Net Operating Loss Carrot Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.)
Year Pretax Income (Loss) Tax Rate
2015 $100,000 40%
2016 80,000 40%
2017 (280,000) 35%
2018 120,000 35%
Required: Prepare the journal entries for the year 2017 to record income tax expense and income tax payable, and the tax effects of the loss carryback and loss carryforward.
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