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Business, 02.08.2019 16:10 kellysmith45

Airparts corporation reported a net operating loss of $25 million for financial reporting and tax purposes. taxable income last year and the previous year, respectively, was $20 million and $15 million. the enacted tax rate each year is 40%. prepare the journal entry to recognize the income tax benefit of the net operating loss. airparts elects the carryback option.

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