Syer Company reports net operating income (loss) for financial reporting and tax purposes in each...

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Accounting

Syer Company reports net operating income (loss) for financial reporting and tax purposes in each year as follows ($ in millions):

2016 2017 2018 2019 2020

$ 380) $ 180 $ 0 $0 $ (760)

Syers 2020 NOL is driven by an unfortunate obsolescence of its primary product. Given great uncertainty in Syers future profitability, Syers management does not believe it is more likely than not that it will be able to realize deferred tax assets in future years. Syers federal tax rate decreased from 35% to 21% starting in 2018.

2016	2017	2018	2019	2020
$ 380)	$ 180	$ 0	$0	$ (760)

Required:

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 Syers 2020 income taxes, and indicate Syers 2020 net income(loss).
Now assume that Syer does account for its NOL under the CARES Act. Prepare the appropriate journal entry to record Syers 2020 income taxes, and indicate Syers 2020 net income(loss).

Record the journal entry to record Syer's 2020 income taxes Note: Enter debits before credits. Calculate Syer's 2Req1B Note: Net loss amounts should be indi Calculate Syer's 2020 net income(loss). Note: Net loss amounts should be indic Record the journal entry to record Syer's 2020 income taxes Note: Enter debits before credits

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