Bridgeport Corporation had the following tax information: Year Taxable...
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Accounting
Bridgeport Corporation had the following tax information:
| Year | Taxable Income | Tax Rate | Taxes Paid | |||||
|---|---|---|---|---|---|---|---|---|
| 2017 | $391,000 | 31% | $121,210 | |||||
| 2018 | 313,000 | 30% | 93,900 | |||||
| 2019 | 399,700 | 30% | 119,910 | |||||
In 2020, Bridgeport suffered a net operating loss of $556,000, which it decided to carry back. The 2020 enacted tax rate is 25%. Prepare Bridgeports entry to record the effect of the loss carryback. (Credit account titles are automatically indented when the 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.)
| Year | Account Titles and Explanation | Debit | Credit |
|---|---|---|---|
| 2020 | enter an account title | enter a debit amount | enter a credit amount |
| enter an account title | enter a debit amount | enter a credit amount |
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