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Wynn Farms reported a net operating loss of $185,000 for financial reporting and tax purposes In 2021. The enacted tax rate i

Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Prepare the

Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Show the l

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Answer #1

Answers presented in thousands of dollar:

As per IRS, NOL can be carried back upto 2 years.

Rate Tax $ Recorded as: * * o 105 30% 30% 40% 45% * Operating Loss Carryback Carried back - 2017 Carried back - 2018 CarriedEvent Credit Journal entry Account title and explanation 1 Receivable income tax refund Deferred tax Asset Icome tax benefitAmount $ - 185 Particulers Operating loss before income taxes Income tax benefit : Tax refund from loss carryback Future tax

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