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

Syer's $2020$ NOL is driven by an unfortunate obsolescence of its primary product. Given great uncertainty in Syer's future profitability,

Syer's management does not believe it is more likely than not that it will be able to realize deferred tax assets in future years. Syer's

federal tax rate decreased from $35\%$ to $21\%$ starting in $2018.$

Required:

Assume that Syer does not account for its NOL under the CARES Act. Instead, Syer accounts for its NOL using the general

requirement that NOLs be carried forward. Prepare the appropriate journal entry to record Syer's $2020$ income taxes, and

indicate Syer's $2020$ net income$($loss$).$

Now assume that Syer does account for its NOL under the CARES Act. Prepare the appropriate journal entry to record Syer's

$2020$ income taxes, and indicate Syer's $2020$ net income$($loss$).$

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.

Journal entry worksheet

A

Record the journal entry to record Syer's $2020$ income taxes

Note: Enter debits before credits.Syer Company reports net operating income $($loss$)$ for financial reporting and tax purposes in each year as follows:

$20162017201820192020$

$ $300$ $ $100$ $ $0$ $$0$ $ $(600)$

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

Required:

Assume that Syer does not account for its NOL under the CARES Act. Instead, Syer accounts for its NOL using the general requirement that NOLs be carried forward. Prepare the appropriate journal entry to record Syer$$s $2020$ income taxes, and indicate Syer$$s $2020$ net income$($loss$).$

Now assume that Syer does account for its NOL under the CARES Act. Prepare the appropriate journal entry to record Syer$$s $2020$ income taxes, and indicate Syer$$s $2020$ net income$($loss$).$Syer Company reports net operating income $($loss$)$ for financial reporting and tax purposes in each year as follows:

Syer's $2020$ NOL is driven by an unfortunate obsolescence of its primary product. Given great uncertainty in Syer's future profitability,

Syer's management does not believe it is more likely than not that it will be able to realize deferred tax assets in future years. Syer's

federal tax rate decreased from $35\%$ to $21\%$ starting in $2018.$

Required:

Assume that Syer does not account for its NOL under the CARES Act. Instead, Syer accounts for its NOL using the general

requirement that NOLs be carried forward. Prepare the appropriate journal entry to record Syer's $2020$ income taxes, and

indicate Syer's $2020$ net income$($loss$).$

Now assume that Syer does account for its NOL under the CARES Act. Prepare the appropriate journal entry to record Syer's

$2020$ income taxes, and indicate Syer's $2020$ net income$($loss$).$

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.

Journal entry worksheet

A

Record the journal entry to record Syer's $2020$ income taxes

Note: Enter debits before credits.