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Recording Net Operating Loss Carryforward In 2020, Lambeau Inc. suffered a loss of $250,000. The enacted tax rate is 25%. Prepare Lambeau's entry for
Recording Net Operating Loss Carryforward In 2020, Lambeau Inc. suffered a loss of $250,000. The enacted tax rate is 25%. Prepare Lambeau's entry for the loss carryforward on December 31, 2020, assuming that management determined that it was more likely than not that the deferred tax asset would be realized. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Note: If the journal entry includes an extra line that is not required, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero) in the very last row of the journal entry. Date Dec. 31, 2020 Account Name Dr. Cr. 0 0 0 0 0 0
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