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Recording Net Operating Loss Carryback
During Year 4, Lamb Inc. suered a tax loss of $(280,000). Lamb qualies for a two-year loss carryback option for tax purposes, using the earliest year rst and with no income restrictions. Taxable income for the last three years (listed in chronological order) follows: Year 1: $252,000; Year 2: $224,000; and Year 3: $84,000. The tax rate is 40% for Year 3 and Year 4, and 25% for Year 1 and Year 2. Prepare Lamb's entry for the loss carryback on December 31 of Year 4.
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