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Recording Net Operating Loss Carryback During Year 4, Lamb Inc. suered a tax...

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Accounting

Recording Net Operating Loss Carryback
During Year 4, Lamb Inc. suered a tax loss of $(200,000). Lamb qualies for a two-year loss carryback option for tax purposes, using the earliest year rst and with no income restrictions. Taxable income for the last three years (listed in chronological order) follows: Year 1: $180,000; Year 2: $160,000; and Year 3: $60,000. The tax rate is 40% for Year 3 and Year 4, and 25% for Year 1 and Year 2. Prepare Lambs entry for the loss carryback on December 31 of Year 4.
Date Account Name Dr. Cr.
Dec. 31, Year 4
0
Answer 1
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Answer 2Incorrect
Mark 0.00 out of 1.00
To record net operating loss carryback

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