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Big Bear Sporting Goods opened in 2018. They reported sales revenue of $ 425, 000 and expenses of $ 440, 000. There are no permanent
Big Bear Sporting Goods opened in 2018. They reported sales revenue of $ 425, 000 and expenses of $ 440, 000. There are no permanent or temporary differences, so the book loss and taxable loss will be the same. Big Bear plans on carrying forward the net operating loss (NOL). Assuming a 42% tax rate, what is the necessary journal entry in 2018 to record the NOL carryforward?
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To record the NOL carryforward you will need to create a journal entry that reflects the d...
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
