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Monty Inc. incurred a net operating loss of $474,000 in 2020. The tax rate for all years is 20%. Prepare the journal entries to record

Monty Inc. incurred a net operating loss of $474,000 in 2020. The tax rate for all years is 20%. Prepare the journal entries to record the benefits of the loss carryforward. Monty expects to return to profitability in 2021. (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 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

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