Mayo Corp has a $$1$ million NOL in a jurisdiction with a $20\%$ tax rate and is unsure it will be able to deduct it before it expires or they dissolve the subsidiary. Mayo Corp is deciding whether to book a Valuation Allowance or not.$$ What journal entry was made to record the NOL carryforward?$$ What journal entry would be made to record a Valuation Allowance?$$ What will GAAP record when an NOL carryforward is deducted $($in a future year$)?($assume Mayo Corp has pretax income of $$5$ million and no other book$-$tax differences$)$ What will GAAP record when an NOL carryforward expires $($in a future year$)?($assume Mayo Corp has pretax income of $$5$ million and no other book$-$tax differences$)$