LossCo reported a net operating loss of $25 million for financial reporting and tax purposes. The enacted
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LossCo reported a net operating loss of $25 million for financial reporting and tax purposes. The enacted tax rate] is 25%. Assume that LossCo does not qualify as a type of company that is allowed to carry back an NOL to prior taxable years. Prepare the journal entry to recognize the income tax benefit of the net operating loss.
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