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For its first taxable year, Rony Incorporated's accounting records showed the following: Operating loss per books Temporary book/tax difference Net operating loss for tax $
For its first taxable year, Rony Incorporated's accounting records showed the following: Operating loss per books Temporary book/tax difference Net operating loss for tax $ 1960,000) 102,000 $ (858,000) Required: a. Use a 21 percent rate to compute Rony's deferred tax asset with respect to the $102,000 book/tax difference. b. Use a 21 percent rate to compute Rony's deferred tax asset with respect to its $858,000 NOL carryforward. c. Compute Rony's tax benefit (negative tax expense) reported on its first income statement. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required A Required B Required Use a 21 percent rate to compute Rony's deferred tax asset with respect to the $102,000 book/tax difference. Deferred tax asset BED A Required B Complete this question by entering your answers in the tabs below. Required A Required B Required Use a 21 percent rate to compute Rony's deferred tax asset with respect to its $858,000 NOL carryforward. Deferred tax asset Complete this question by entering your answers in the tabs below. Required A Required B Required Compute Rony's tax benefit (negative tax expense) reported on its first income statement. Tax benefit
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