Conlin AG had the following tax information. In 2019, Conlin suffered a net operating loss of ¬480,000,

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Conlin AG had the following tax information.

Year Taxable Income Tax Rate Taxes Paid 2016 €300,000 35% €105,000 2017 €325,000 30% € 97,500 2018 €400,000 30

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.

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Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Nov 23, 2017 09:32 AM

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Conlin AG had the following tax information. In 2019, Conlin suffered a net operating loss of ¬480,000,

Question:

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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Intermediate Accounting IFRS

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