Windsor Corporation had the following tax information. Year Taxable income 2023 $366,000 396,500 30 488,000 2024 2025 Tax Rate 35 % 30 Taxes Paid $128,100 118,950 146,400 In 2026, Windsor suffered a net operating loss of $585,600, which it elected to carryback. The 2026 enacted tax rate is 29%. Prepare Windsor'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

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.