1. Now assume that Syer does account for its NOL under the CARES Act. Prepare the appropriate journal entry to record Syers 2020 income taxes, and indicate Syers 2020 net income(loss).

Syer Company reports net operating income (loss) for financial reporting and tax purposes in each year as follows ($ in millions):

2016	2017	2018	2019	2020
$ 330)	$ 130	$ 0	$0	$ (660)

Syers 2020 NOL is driven by an unfortunate obsolescence of its primary product. Given great uncertainty in Syers future profitability, Syers management does not believe it is more likely than not that it will be able to realize deferred tax assets in future years. Syers federal tax rate decreased from 35% to 21% starting in 2018.

Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry to record Syer's 2020 income taxes. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Complete this question by entering your answers in the tabs below. Calculate Syer's 2020 net income(loss). Note: Net loss amounts should be indicated with a minus sign