Using the information for Vasquez Company in BE17-22, determine the reversal (utilization) of the deferred tax asset

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Using the information for Vasquez Company in BE17-22, determine the reversal (utilization) of the deferred tax asset for 2021 and 2022.



Data from Exercises 22


Company, a U.S. corporate filer, provides you with the following information.


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The company does not report any book tax differences and is subject to a 21% income tax rate. Compute the NOL carryforward benefit and prepare the journal entry for 2020.

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Intermediate Accounting

ISBN: 9780136946694

3rd Edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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