ACC 302, Q4. easy

Sheffield Inc. incurred a net operating loss of $509,000 in 2025 . The tax rate for all years is 20%. Prepare the journal entries to record the benefits of the loss carryforward. Sheffield expects to return to profitability in 2026. (List debit entry before credit entry. Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) List of Accounts Assistance Used Allowance to Reduce Deferred Tax Asset to Expected Realizable Value Benefit Due to Loss Carryback Benefit Due to Loss Carryforward Deferred Tax Asset Deferred Tax Liability Income Tax Expense Income Tax Payable Income Tax Refund Receivable