In its first three years of operations Carlos Productions, a musical production company, reported the following...

Transcribed Image Text:

In its first three years of operations Carlos Productions, a musical production company, reported the following operating income (loss) Sjunowe 450,000 (1,000,000) 1,800, e00 2019 $ 2020 2021 There were no other deferred income tax amounts in any year The enacted income tax rate was 25% in 2020 and 30% thereafter. In its 2020 balance sheet, what amount of deferred tax asset should Carlos report relevant to the NOL? (it concludes thatno valuation allowance is necessary. In its first three years of operations Carlos Productions, a musical production company, reported the following operating income (loss) Sjunowe 450,000 (1,000,000) 1,800, e00 2019 $ 2020 2021 There were no other deferred income tax amounts in any year The enacted income tax rate was 25% in 2020 and 30% thereafter. In its 2020 balance sheet, what amount of deferred tax asset should Carlos report relevant to the NOL? (it concludes thatno valuation allowance is necessary.

Answer rating: 100% (QA)

Answer Income tax benefit from NOL 277500 Explanation ... View the full answer