Syer Company reports net operating income ( loss ) for financial reporting and tax purposes in each
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Question:
Syer Company reports net operating income loss for financial reporting and tax purposes in each year as follows:
$ $ $ $ $
Syers NOL is driven by an unfortunate obsolescence of its primary product. Given great uncertainty in Syers future profitability, Syers management does not believe it is more likely than not that it will be able to realize deferred tax assets in future years. Syers federal tax rate decreased from to starting in
Required:
Assume that Syer does not account for its NOL under the CARES Act. Instead, Syer accounts for its NOL using the general requirement that NOLs be carried forward. Prepare the appropriate journal entry to record Syers income taxes, and indicate Syers net incomeloss
Now assume that Syer does account for its NOL under the CARES Act. Prepare the appropriate journal entry to record Syers income taxes, and indicate Syers net incomeloss
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