Conlin AG had the following tax information. In 2022, Conlin suffered a net operating loss of 480,000,

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Conlin AG had the following tax information.

In 2022, Conlin suffered a net operating loss of €480,000, which it elected to carry back. The 2022 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: 9781119607519

4th Edition

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

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Question Posted: Aug 03, 2021 03:37 AM

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Conlin AG had the following tax information. In 2022, Conlin suffered a net operating loss of 480,000,

Question:

Year Taxable Income Tax Rate Taxes Paid 2019 €300,000 35% €105,000 €325,000 3o% € 97,500 2020 2021 €400,000 3o% €120,000

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The loss carryback will reduce Conlin AGs taxable income in the prior years thereby reducing its tax ...View the full answer

Intermediate Accounting IFRS

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