Brief Exercise 19-12 Metlock Corporation had the following tax information.
In 2018, Metlock suffered a net operating loss of $474,000, which it elected to carry back. The 2018 enacted tax rate is 32%.
Prepare Metlock's entry to record the effect of the loss carryback. (Credit account titles are automatically indented when 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.)
Account Titles and Explanation
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