Taxable income and income tax rates for 2013-2018 for the company are shown below. Make the journal

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Taxable income and income tax rates for 2013-2018 for the company are shown below.

Make the journal entry necessary to record any NOL carryforward created in 2018. The enacted tax rate for future years is 40%.

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Related Book For answer-question

Intermediate Accounting

ISBN: 978-1133957911

19th edition

Authors: Earl K. Stice, James D. Stice

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Question Posted: Oct 05, 2016 08:15 AM

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Taxable income and income tax rates for 2013-2018 for the company are shown below. Make the journal

Question:

Total Taxable Income ncome TaX Tax Paid $9,000 5,250 7,000 Year 2013 2014 2015 2016 2017 2018 30,000 15,000 20,000 (100,000) 50,000 (200,000) 35 35 2 35

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Treatment of NOL in 2016 NOL Carried Taxable Income Tax Tax Back to Income Rate Refund 2014 15000 35 ...View the full answer

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