Taxable income and income tax rates for 2013-2018 for the company are shown below. Make the journal
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Taxable income and income tax rates for 2013-2018 for the company are shown below.
Make the journal entry necessary to record any NOL carryforward created in 2018. The enacted tax rate for future years is 40%.
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Total Taxable Income ncome TaX Tax Paid $9,000 5,250 7,000 Year 2013 2014 2015 2016 2017 2018 30,000 15,000 20,000 (100,000) 50,000 (200,000) 35 35 2 35
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Treatment of NOL in 2016 NOL Carried Taxable Income Tax Tax Back to Income Rate Refund 2014 15000 35 ...View the full answer
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