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  3. martinez inc. incurred a net operating loss of $58

Martinez Inc. incurred a net operating loss of $584,100 in 2017. Combined income for 2014,...

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Accounting

Martinez Inc. incurred a net operating loss of $584,100 in 2017. Combined income for 2014, 2015, and 2016 was $459,900. The tax rate for all years is 30%. Prepare the journal entries to record the benefits of the carryback and the carryforward, assuming it is more likely than not that the benefits of the loss carryforward will be realized

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