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Brief Exercise 19-14 Bridgeport Inc. incurred a net operating loss of $482,000 in 2017. Combined income for 2015 and 2016 was $321,000. The tax rate...
Brief Exercise 19-14
Bridgeport Inc. incurred a net operating loss of $482,000 in 2017. Combined income for 2015 and 2016 was $321,000. The tax rate for all years is 30%. Bridgeport elects the carryback option. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years.
the journal entries necessary at the end of 2017. (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.)
