Larkspur Corporation had the following taxinformation.YearTaxable IncomeTax RateTaxes Paid2015$294,000...Larkspur Corporation had the following taxinformation.YearTaxable...

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Accounting

Larkspur Corporation had the following taxinformation.
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, whichit elected to carry back. The 2018 enacted tax rate is 26%.

Prepare Larkspur’s entry to record the effect of the losscarryback.

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In: AccountingLarkspur Corporation had the following taxinformation.YearTaxable IncomeTax RateTaxes Paid2015$294,000...Larkspur Corporation had the following taxinformation.YearTaxable IncomeTax RateTaxes Paid2015$294,00032%$94,0802016319,00027%86,1302017396,00027%106,920In 2018, Larkspur suffered a net operating loss of $487,000, whichit elected to carry back. The 2018 enacted tax rate is 26%.Prepare Larkspur’s entry to record the effect of the losscarryback.

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