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Larkspur Corporation had the following taxinformation.YearTaxable IncomeTax RateTaxes Paid2015$294,000...Larkspur Corporation had the following taxinformation.YearTaxable...

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Question

Accounting

Larkspur Corporation had the following taxinformation.

Year

Taxable Income

Tax Rate

Taxes Paid

2015$294,00032%$94,080
2016319,00027%86,130
2017396,00027%106,920


In 2018, Larkspur suffered a net operating loss of $487,000, whichit elected to carry back. The 2018 enacted tax rate is 26%.

Prepare Larkspur’s entry to record the effect of the losscarryback.

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Transcribed Image Text

In: AccountingLarkspur Corporation had the following taxinformation.YearTaxable IncomeTax RateTaxes Paid2015$294,000...Larkspur Corporation had the following taxinformation.YearTaxable IncomeTax RateTaxes Paid2015$294,00032%$94,0802016319,00027%86,1302017396,00027%106,920In 2018, Larkspur suffered a net operating loss of $487,000, whichit elected to carry back. The 2018 enacted tax rate is 26%.Prepare Larkspur’s entry to record the effect of the losscarryback.

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