Splish Brothers Corporation had the following tax information. Year 2018 2019 2020 Taxable income $348,000...
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Splish Brothers Corporation had the following tax information. Year 2018 2019 2020 Taxable income $348,000 377.000 464.000 Tax Rate 35 % 30 30 Taxes Paid $121,800 113.100 139,200 In 2021, Splish Brothers suffered a net operating loss of 5556,800, which it elected to carryback. The 2021 enacted tax rate is 29%. Prepare Splish Brothers's 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 for the amounts) Account Titles and Explanation Credit Debit
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