Recording Tax Loss & Accounting Loss with Deferred Taxes:Calculate:Accounting Loss: Revenue $-$ ExpensesTax Loss: Accounting Loss $-$ Taxable IncomeTemporary Differences: Accounting vs$.$ Tax items reversing in futureDeferred Taxes:Asset: $($Taxable Income Reduction in Future$)*$ Tax RateLiability: $($Taxable Income Increase in Future$)*$ Tax RateRecord Entries:Debit "Accounting Loss," credit expense accountsDebit "Tax Loss," credit "Deferred Tax Asset"Debit "Tax Expense," credit "Deferred Tax Liability"

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