Syer Company reports net operating income (loss) for financial reporting and tax purposes in each year as follows ($ in millions): 2016 $400) 2017 $ 200 2018 $ 0 2019 $0 2020 $ (800) 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: 1. 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). 2. 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. Req 1A Req 18 Req 2A Req 2B 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. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). View transaction list Journal entry worksheet A Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B 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. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). View transaction list Journal entry worksheet < A Record the journal entry to record Syer's 2020 income taxes Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry $ 400) $ 200 $ 0 $0 $ (800) 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: 1. 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). 2. 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. Req 1A Req 1B Req 2A Req 2B Calculate Syer's 2020 net income(loss). Note: Net loss amounts should be indicated with a minus sign. Net loss < Req 1A Req 2A > $ 400) $ 200 $ 0 $0 $ (800) 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: 1. 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). 2. 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. Req 1A Req 1B Req 2A Req 2B Calculate Syer's 2020 net income(loss). Note: Net loss amounts should be indicated with a minus sign. Net loss