Shamrock Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2023 $336,000 35 % $117,600 2024 364,000 30 109,200 2025 448,000 30 134,400 In 2026, Shamrock suffered a net operating loss of $537,600, which it elected to carryback. The 2026 enacted tax rate is 29%. Prepare Shamrock's entry to record the effect of the loss carryback. (List debit entry before credit entry. 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 O for the amounts.) Account Titles and Explanation Debit Credit

Shamrock Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2023 $336,000 35 % $117,600 2024 364,000 30 109,200 2025 448,000 30 134,400 In 2026, Shamrock suffered a net operating loss of $537,600, which it elected to carryback. The 2026 enacted tax rate is 29%. Prepare Shamrock's entry to record the effect of the loss carryback. (List debit entry before credit entry. 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 O for the amounts.) Account Titles and Explanation Debit Credit

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

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