Taxable income and income tax rates for 2011-2016 for the company have been as shown below. Make

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Taxable income and income tax rates for 2011-2016 for the company have been as shown below.

Make the journal entry necessary to record any net operating loss (NOL) carryforward created in 2016. The enacted tax rate for future years is 40%.

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Intermediate Accounting

ISBN: 978-0538479738

18th edition

Authors: Earl K. Stice, James D. Stice

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Question Posted: Nov 28, 2016 11:14 AM

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Taxable income and income tax rates for 2011-2016 for the company have been as shown below. Make

Question:

Taxable Income Income Tax Rate Total Tax Paid Year 2011 2012 2013 2014 2015 2016 $ 30,000 30% 35 35 40 35 30 5,250 7,000 20,000 50,000 САХ).XXI)

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Treatment of NOL in 2014 NOL Carried Taxable Income Tax Tax Back to Income Rate Refund 2012 15000 35 ...View the full answer

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