Kyle Inc. incurred a net operating loss of $580,000 in 2017. Combined income for 2014, 2015, and

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Kyle Inc. incurred a net operating loss of $580,000 in 2017. Combined income for 2014, 2015, and 2016 was $460,000. The tax rate for all years is 30%. Prepare the journal entries to record the benefits of the carryback and the carryforward, assuming it is more likely than not that the benefits of the loss carryforward will be realized.
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Intermediate Accounting

ISBN: 978-1119048541

11th Canadian edition Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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