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  3. lossco reported a net operating loss of $14 millio

LossCo reported a net operating loss of $14 million for financial reporting and tax purposes....

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Accounting

LossCo reported a net operating loss of $14 million for financial reporting and tax purposes. The enacted tax rate is 25%. Assume that LossCo does not qualify as a type of company that is allowed to carry back an NOL to prior taxable years.

Prepare the journal entry to recognize the income tax benefit of the net operating loss.

Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.

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