Question: # Print References Insure Corporation reported a net operating loss of $13 million for financial reporting and tax purposes. Taxable income last year and

# Print References Insure Corporation reported a net operating loss of $13

# Print References Insure Corporation reported a net operating loss of $13 million for financial reporting and tax purposes. Taxable income last year and the previous year, respectively, was $13 million and $8 million. The enacted tax rate each year is 25%. Assume that Insure qualifies as a type of company that is allowed to carry back an NOL to two prior taxable years, using the earliest year first. Prepare the journal entry to recognize the income tax benefit of the net operating loss. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the entry to recognize the income tax benefit of the net operating loss. Note Enter debits before credits Transaction General Journal Debit Credit

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