(Answered) Question rode inc incurred a net operating loss of 500000

Accounting

Question: Rode Inc. incurred a net operating loss of $500,000 in 2014. Combined income for 2012 and 2013 was $350,000. The tax rate for all years is 40%. Rode elects the carryback option. Prepare the journal entries to record the benefits of the loss carryback and the loss carry forward. Rode expects to return to profitability in 2015.

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