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Prepare the journal entry to recognize the income tax

1. AirParts Corporation reported an operating loss of $25 million for financial reporting and tax purposes. Taxable income last year and the previous year, respectively, was $20 million and $15 million. The enacted tax rate each year is 40%. Prepare the journal entry to recognize the income tax benefit of the operating loss. AirParts elects the carry back option.

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Accounting Basics: Prepare the journal entry to recognize the income tax

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