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L Co a domestic corporation in its seventh year of operation in 2018 (Fill in the blank and provide the corresponding computation and necessary journal

L Co a domestic corporation in its seventh year of operation in 2018 (Fill in the blank and provide the corresponding computation and necessary journal entries.).

What will be the answer in year 11? I'm confused to what should I do because there is a net operating loss carry over from year 10.

Note: use Philippine tax law jurisdiction.

Can you please check my other answer if it is correct. Thaaanks in advance. happy new year?

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L Co a domestic corporation in its seventh year of operation in 2018 (Fill in the blank and provide the corresponding computation and necessary journal entries.). 7 8 9 10 11 Gross Profit 400,000 780,000 990,000 1,200,000 600,000 Business 300,000 600,000 710,000 1,500,000 400,000 Expenses Net Income 20,000 180,000 280,000 (300,000) 200,000 NOLCO (300,000) Total Taxable 20,000 180,000 280,000 (300,000 (100,000) income NT 6,000 54,000 84,000 0 MCIT 8,000 15,600 19,800 24,000 Income tax 6,000 54,000 84,000 0 expense Income tax 8,000 52,000 84,000 24,000 payable Deferred 2,000 (2,000) 0 24,000 Charges (MCIT) JOURNAL ENTRIES Account Titles Debit Credit Year 7 Income tax expense 6,000 Deferred Charges (MCIT) 2,000 Income tax payable 8,000 Year 8 Income tax expense 54,000 Income tax payable 52,000 Deferred Charges (MCIT) 2,000 Year 9 Income tax expense 84,000 Income tax payable 84,000 Year 10 Deferred Charges (MCIT) 24,000 Income tax payable 24,000

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