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Nicely Corp. had a net operating loss of $75 million during the year ended December 31, 2022. During 2023, Nicely Corp. reported pretax income of
Nicely Corp. had a net operating loss of $75 million during the year ended December 31, 2022. During 2023, Nicely Corp. reported pretax income of $90 million. They are limited to offsetting 80% of income with its NOL carryforward in any tax year and the enacted tax rate is 25%. |
Show well-labeled calculations for the 2022 and 2023 income tax expense and deferred taxes and the journal entries for 2022 and 2023.
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