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Rode elects the carry back option prepare the journal

1. Rode Inc. incurred a net operating loss of $500,000 in 2010. Combined income for 2008 and 2009 was $350,000. The tax rate for all years is 40%. Rode elects the carry back option. Prepare the journal entries to record the benefits of the loss carry back and the loss carry forward.

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Accounting Basics: Rode elects the carry back option prepare the journal

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