Refer to Practice 16-17. Assume that the net operating loss in 2013 was $150,000 instead of $93,000. Make the journal entry necessary to record
(1) Any net operating loss (NOL) carryback in 2013 and
(2) Any net operating loss (NOL) carryforward created in 2013.
The enacted tax rate for future years is 35%. State any assumptions you must make.
In Practice 16-17
Taxable income and income tax rates for 2011-2013 for the company have been as follows:

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Taxable Income Income Tax Rate Total Tax Paid Year $75,000 2011 2012 2013 25% 30 35 $18,750 15,000 (93,000)