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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Windsor Corporation had the following tax information.
Year Taxable Income
2023
$366,000
2024
2025
Tax Rate
35 %
396,500
30
488,000 30
Taxes Paid
Account Titles and Explanation
$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)
Debit
Credit
Transcribed Image Text:Windsor Corporation had the following tax information. Year Taxable Income 2023 $366,000 2024 2025 Tax Rate 35 % 396,500 30 488,000 30 Taxes Paid Account Titles and Explanation $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) Debit Credit
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