Conlin AG had the following tax information. In 2019, Conlin suffered a net operating loss of ¬480,000,
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In 2019, Conlin suffered a net operating loss of ¬480,000, which it elected to carry back. The 2019 enacted tax rate is 29%. Prepare Conlin's entry to record the effect of the loss carryback.
Transcribed Image Text:
Year Taxable Income Tax Rate Taxes Paid 2016 €300,000 35% €105,000 2017 €325,000 30% € 97,500 2018 €400,000 30% €120,000
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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