Mallock Incorporated reports net operating income (loss) for financial reporting and tax purposes in each...
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Mallock Incorporated reports net operating income loss for financial reporting and tax purposes in each year as follows $ in thousands: $ $ $ $ $ Mallocks federal tax rate decreased from to starting in Mallock accounts for its NOL under the CARES Act. Required: Prepare the appropriate journal entry to record Mallocks income taxes. Show the lower portion of the income statement that reports income tax expense or benefit.
Mallock Incorporated reports net operating income loss for financial reporting and tax purposes in each year as follows $ in thousands:
$ $ $ $ $
Mallocks federal tax rate decreased from to starting in Mallock accounts for its NOL under the CARES Act.
Required:
Prepare the appropriate journal entry to record Mallocks income taxes.
Show the lower portion of the income statement that reports income tax expense or benefit.
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