Larkspur Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $294,000...

Larkspur Corporation had the following tax information.

Year	Taxable Income		Tax Rate	Taxes Paid
2015		$294,000	32%		$94,080
2016		319,000	27%		86,130
2017		396,000	27%		106,920

In 2018, Larkspur suffered a net operating loss of $487,000, which it elected to carry back. The 2018 enacted tax rate is 26%.

Prepare Larkspur’s entry to record the effect of the loss carryback.

Expert Solution

ekkarill92 answered 1 year ago

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