Fore Farms reported a pretax operating loss of $ 2 9 2 million for financial reporting purposes
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Question:
Fore Farms reported a pretax operating loss of $ million for financial reporting purposes in Contributing to the loss were a a penalty of $ million assessed by the Environmental Protection Agency for violation of a federal law and paid in and b an estimated loss of $ million from accruing a loss contingency. The loss will be tax deductible when paid in
The enacted tax rate is There were no temporary differences at the beginning of the year and none originating in other than those described above. Taxable income in Foress two previous years of operation was as follows:
$ million
$ million
Required:
Prepare the journal entry to recognize the income tax benefit of the net operating loss in Assume Fore will carry back its NOL to prior years.
What is the net operating loss reported in income statement?
Prepare the journal entry to record income taxes in assuming pretax accounting income is $ million. No additional temporary differences originate in
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