Brief Exercise 19-12 Metlock Corporation had the following tax informa


Ask a Question

Brief Exercise 19-12 Metlock Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $304,000 38% $115,520 2016 318,000 33% 104,940 2017 403,000 33% 132,990 In 2018, Metlock s

Sale price $15.00 Regular price $30.00

Brief Exercise 19-12 Metlock Corporation had the following tax information.

Year

Taxable Income

Tax Rate

Taxes Paid

2015

$304,000

38%

$115,520

2016

318,000

33%

104,940

2017

403,000

33%

132,990

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

Debit

Credit

Questions & Answers

Have a Question?

Be the first to ask a question about this.

Ask a Question