question brief exercise 19 12 oriole corporation had the following tax information y 4305210

question brief exercise 19 12 oriole corporation had the following tax information y 4305210

Question

Brief Exercise 19-12

Oriole Corporation had the following tax information.

Year

Taxable Income

Tax Rate

Taxes Paid

In 2018, Oriole suffered a net operating loss of $473,000, which it elected to carry back. The 2018 enacted tax rate is 27%.

Prepare Oriole’s entry to record the effect of the loss carryback. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

Year

 

Taxable Income

 

Tax Rate

 

Taxes Paid

2015

 

 

$303,000

 

 

33%

 

 

$99,990

 

2016

 

 

326,000

 

 

28%

 

 

91,280

 

2017

 

 

393,000

 

 

28%

 

 

110,040

 

                     

 

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