2017 2018 2019 2020 A Company reported an operating loss of $180,000 for financial reporting and...

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2017 2018 2019 2020 A Company reported an operating loss of $180,000 for financial reporting and $110,000 for tax purposes in 2021. The difference is due to a permanent difference. The enacted tax rate is 30% for 2021 and all future years. Assume that A operates in an industry for which a NOL can be carried back two years and elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in A's first four years of operations were as follows: Taxable Tax Taxes income rates paid $30,000 30% $9,000 65,000 10,500 30% 40,000 40% 16,000 50,000 35% 17,500 Required: 1.) Prepare the required journal entries to record A's tax provision for the year 2021. 2.) Compute A's net loss for 2021. 2017 2018 2019 2020 A Company reported an operating loss of $180,000 for financial reporting and $110,000 for tax purposes in 2021. The difference is due to a permanent difference. The enacted tax rate is 30% for 2021 and all future years. Assume that A operates in an industry for which a NOL can be carried back two years and elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in A's first four years of operations were as follows: Taxable Tax Taxes income rates paid $30,000 30% $9,000 65,000 10,500 30% 40,000 40% 16,000 50,000 35% 17,500 Required: 1.) Prepare the required journal entries to record A's tax provision for the year 2021. 2.) Compute A's net loss for 2021.

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1 To record As tax provision for the year 2021 you would need t... View the full answer