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    kea2jsa's Avatar
    kea2jsa Posts: 1, Reputation: 1
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    #1

    Apr 3, 2007, 04:44 PM
    Operating loss carryback
    Wynn Sheet Metal reported an operating loss of $100,00 for financial reporting and tax purposes in 2006. The enacted tax rate is 40%. Taxable income, tax rates and income taxes paid in Wynn's first four years of operations were as follows:

    2002 $60,000 30% $18,000
    2003 $70,000 30% $21,000
    2004 $80,000 40% $32,000
    2005 $60,000 45% $27,000

    Prepare the journal entry to recognize the income tax benefit of the opearting loss. Wynn elects the carryback option.
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Apr 3, 2007, 11:55 PM
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