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
Chapter14: Taxes On The Financial Statements
Section: Chapter Questions
Problem 22CE
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