Question: Company, a U.S. corporate filer, provides you with the following information. The company does not report any book tax differences and is subject to a

Company, a U.S. corporate filer, provides you with the following information.

Year 2020 2021 2022 Reported Income (Loss) ($10,000) 7,000 8,000

The company does not report any book tax differences and is subject to a 21% income tax rate. Compute the NOL carryforward benefit and prepare the journal entry for 2020.

Year 2020 2021 2022 Reported Income (Loss) ($10,000) 7,000 8,000

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