Bramble Inc. incurred a net operating loss of $ 577,300 in 2020. Combined income for 2017, 2018,
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Question:
1- what is the journal entry that is necessary at the end of 2020 assuming that Bramble does not use a valuation allowance account.
2- what is the journal entries that are necessary at the end of 2020 assuming that Bramble does use a valuation allowance account.
a-for recognizing benefit of loss carryback
b-for recognizing benefit of loss carryforward
c-for bringing the deferred tax asset account to its realizable value
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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