XYZ firm has a deferred tax asset related to a net operating loss in the previous...

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XYZ firm has a deferred tax asset related to a net operating loss in the previous year which is carried forward. A reserve is created for the tax asset as the company has ongoing concerns and continued losses. However a new product had been launched and i a Debit to tax expense b Credit to loss on deferred tax asset Debit to reserve for deferred tax asset d Credit to reserve for deferred tax asset e Credit to gain on deferred tax asset XYZ firm has a deferred tax asset related to a net operating loss in the previous year which is carried forward. A reserve is created for the tax asset as the company has ongoing concerns and continued losses. However a new product had been launched and i a Debit to tax expense b Credit to loss on deferred tax asset Debit to reserve for deferred tax asset d Credit to reserve for deferred tax asset e Credit to gain on deferred tax asset