Greene Co. reported a loss in 2018 of $595,000 and carried the loss back is allowed. The company reported taxable income of $183,000 in 2016 and $200,000 in 2017. It has no permanent or temporary differences and its tax rate is 40%. Greene reported taxable income of $287,000 in 2019. Prepare the necessary journal entries for 2018 and 2019.

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The Answer of Greene Co. reported a loss in 2018 of $595,000 and carried the loss back is allowed. The company reported taxable income of $183,000 in 2016 and $200,000 in 2017. It has no permanent or temporary differences and its tax rate is 40%. Greene reported taxable income of $287,000 in 2019. Prepare the necessary journal entries for 2018 and 2019.

Greene Co Reported a Loss in 2018 of $595,000 and Carried