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Business, 23.12.2019 19:31 Jeamileth

Airparts corporation reported an 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%.a. prepare the journal entry to recognize the income tax benefit of the operating loss. airparts elects the carryback option.

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