Blossom Corporation had the following tax information: Year Taxable Income 2020 2021 2022 $389,000 311,000 398,100 Tax Rate 31% 30% 30% Income Tax Receivable Account Titles and Explanation Taxes Paid $120,590 93,300 In 2023, Blossom suffered a net operating loss of $551,000, which it decided to carry back. The 2023 enacted tax rate is 25%. Prepare Blossom'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) 119,430 Debit 165300 Credit 165300

Blossom Corporation had the following tax information: Year Taxable Income 2020 2021 2022 $389,000 311,000 398,100 Tax Rate 31% 30% 30% Income Tax Receivable Account Titles and Explanation Taxes Paid $120,590 93,300 In 2023, Blossom suffered a net operating loss of $551,000, which it decided to carry back. The 2023 enacted tax rate is 25%. Prepare Blossom'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) 119,430 Debit 165300 Credit 165300

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 22CE

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