In its first four years of operations Peridot Jewelers reported the following operating income (loss) amounts: There were no other deferred income taxes in any year. In 2012, Peridot elected to carry back its operating loss. The enacted income tax rate was 40%. In its 2013 income statement, what amount should Peridot report as income tax expense?

Question

In its first four years of operations Peridot Jewelers reported the following operating income (loss) amounts:  There were no other deferred income taxes in any year. In 2012, Peridot elected to carry back its operating loss. The enacted income tax rate was 40%. In its 2013 income statement, what amount should Peridot report as income tax expense?

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The Answer of In its first four years of operations Peridot Jewelers reported the following operating income (loss) amounts:  There were no other deferred income taxes in any year. In 2012, Peridot elected to carry back its operating loss. The enacted income tax rate was 40%. In its 2013 income statement, what amount should Peridot report as income tax expense?

In Its First Four Years of Operations Peridot Jewelers Reported