Requirement 1A: Both labels are wrong^^^ numbers are right.

Requirement 2A: All numbers are wrong.

Syer's 2020 NOL is driven by an unfortunate obsolescence of its primary product. Given great uncertainty in Syer's future profitabilit Syer's management does not believe it is more likely than not that it will be able to realize deferred tax assets in future years. Syer's federal tax rate decreased from 35% to 21% starting in 2018 . Required: 1. Assume that Syer does not account for its NOL under the CARES Act. Instead, Syer accounts for its NOL using the general requirement that NOLs be carried forward. Prepare the appropriate journal entry to record Syer's 2020 income taxes, and indicate Syer's 2020 net income(loss). 2. Now assume that Syer does account for its NOL under the CARES Act. Prepare the appropriate journal entry to record Syer's 2020 income taxes, and indicate Syer's 2020 net income(loss). \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Transaction & General Journal & Debit & Credit \\ \hline & A & 1 & Receivable-Income tax refund & 184.80 & \\ \hline & & & Income tax expense & & 184.80 \\ \hline \end{tabular} \begin{tabular}{|c|c|l|r|r|} \hline No & Transaction & \multicolumn{1}{|c|}{ General Journal } & Debit & Credit \\ \hline A & 1 & Receivable-Income tax refund & 123 & \\ \hline & & Deferred tax asset & & 123 \\ \hline & & Valuation allowance & & \\ \hline \end{tabular}