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how to solve the entries and the computations Royal Fence Company incurred...

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Accounting

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Royal Fence Company incurred a net loss for Year 3. The firm does not have any book-tax differences. We present the results of operations for the first 3 years of the company's operations: Data Table: INCOME (LOSS) Year Before Tax Tax Rate (%) 1 $100,000 40% 2 $170,000 34% (5430.000) 34% Future tax rates journal entry(s) required to record the year 3 net operating loss. (record debits first, then credits) Begin by preparing the journal entry, if needed to record the position the portion of the net operating loss the royal can carry back (ENTRY) Now prepare the journal entry, if needed, to record the portion of the net operatin loss that royal can carry forward (ENTRY) 3 ENTRY TITLES TO CHOOSE FROM ARE DEFFERED REVENUE DEFERRED TAX ASSET DEFFERED TAX LIABILITY INCOME TAX BENEFIT INCOME TAX REFUND RECEIVABLE INCOME TAXES PAYABLE RETAINED EARNINGS

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