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ABC Inc, a manufacturing company, incurred a net operating loss of $580,000 in 2018.Combined income...

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Accounting

ABC Inc, a manufacturing company, incurred a net operating loss of $580,000 in 2018.Combined income for 2015, 2016, and 2017 was $460,000. The tax rate for all years is 30%.

Required: 1) Prepare the journal entries to record the benefits of the carryback and the carryforward, assuming it is more likely than not that the benefits of the loss carryforward will be realized.

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