Current Attempt in Progress Ivanhoe Corporation had the following tax information: Year Taxable Income Tax Rate Taxes Paid 2020 $391,000 31% $121,210 2021 313,000 30% 93,900 2022 399,700 30% 119,910 In 2023, Ivanhoe suffered a net operating loss of $556,000, which it decided to carry back. The 2023 enacted tax rate is 25%. Prepare Ivanhoe'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 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 1 of 3 used Submit Answer
Current Attempt in Progress Ivanhoe Corporation had the following tax information: Year Taxable Income Tax Rate Taxes Paid 2020 $391,000 31% $121,210 2021 313,000 30% 93,900 2022 399,700 30% 119,910 In 2023, Ivanhoe suffered a net operating loss of $556,000, which it decided to carry back. The 2023 enacted tax rate is 25%. Prepare Ivanhoe'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 eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 1 of 3 used Submit Answer
Chapter7: Losses—deductions And Limitations
Section: Chapter Questions
Problem 70IIP
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Question
Transcribed Image Text:Current Attempt in Progress
Ivanhoe Corporation had the following tax information:
Year
Taxable Income Tax Rate Taxes Paid
2020
$391,000
31%
$121,210
2021
313,000
30%
93,900
2022
399,700
30%
119,910
In 2023, Ivanhoe suffered a net operating loss of $556,000, which it decided to carry back. The 2023 enacted tax rate is 25%.
Prepare Ivanhoe'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
eTextbook and Media
List of Accounts
Save for Later
Debit
Credit
Attempts: 1 of 3 used
Submit Answer
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