Question: BE19.12 (LO 3 ) Rode Inc. incurred a net operating loss of $500,000 in 2020. The tax rate for all years is 20%. Prepare the

BE19.12 (LO 3 ) Rode Inc. incurred a net operating loss

BE19.12 (LO 3 ) Rode Inc. incurred a net operating loss of $500,000 in 2020. The tax rate for all years is 20%. Prepare the journal entries to record the benefits of the loss carryforward. Rode expects to return to profitability in 2021. BE19.13 (L03) Use the information for Rode Inc. given in BE19.12. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years. Prepare all the journal entries necessary at the end of 2020

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