AirParts Corporation reports a net operating loss $23 million for financial reporting and tax purposes. Taxable income last year and the previous year, respectively, was $24 million and $19 million. The enacted tax rate each year is 40%.
Prepare the journal entry to recognize the income tax benefit of the net operating loss. AirParts elects the carry back option. (If no entry is required for a transaction/event, select “no journal entry required” in the first account field. Enter your answers in whole dollars.)
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