Mallock Incorporated reports net operating income ( loss ) for financial reporting and tax purposes in each
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Question:
Mallock Incorporated reports net operating income loss for financial reporting and tax purposes in each year as follows $ in thousands:
$ $ $ $ $
Mallocks federal tax rate decreased from to starting in Mallock accounts for its NOL under the CARES Act.
Required:
Prepare the appropriate journal entry to record Mallocks income taxes.
Show the lower portion of the income statement that reports income tax expense or benefit.
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