Skysong Corporation had the following tax information.

Year Taxable Income Tax Rate Taxes Paid
2018 $276,000 35 % $96,600
2019 299,000 30 89,700
2020 368,000 30 110,400

In 2021, Skysong suffered a net operating loss of $441,600, which it elected to carryback. The 2021 enacted tax rate is 29%.

Prepare Skysong’s entry to record the effect of the loss carryback.

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typically a loft will include modern kitchen and bathrooms, this increases the price tag. lofts also have a good amount of open space, this requires more heating and electricity. lofts are also in older buildings, this means that maintaining the location increases the bill. keep in mind this is without talking about the high state and property taxes.

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