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Crane Inc. incurred a net operating loss of $530,000 in 2020. The tax rate for all years is 20%. Prepare the journal entries to record
Crane Inc. incurred a net operating loss of $530,000 in 2020. The tax rate for all years is 20%. Prepare the journal entries to record the benefits of the loss carryforward. Crane expects to return to profitability in 2021.
It said that both Benefit Due to Loss Carryforward and Carryback were wrong.
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