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Monty Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2015 through 2021 as follows. Pretax financial income (loss) and
Monty Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2015 through 2021 as follows. Pretax financial income (loss) and taxable income (loss) were the same for all years since Monty has been in business. Tax rates were not enacted until the year of change. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. What entry for income taxes should be recorded in 2020? (Credit account 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 O for the amounts.) (d)
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