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Prepare the journal entry that is necessary at the end

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Question - Whispering Winds Inc. incurred a net operating loss of $583,000 in 2020. Combined income for 2017, 2018, and 2019 was $476,000. The tax rate for all years is 30%. Assume that it is more likely than not that the entire tax loss carry forward will not be realized in future years.

Prepare the journal entry that is necessary at the end of 2020 assuming that Whispering Winds does not use a valuation allowance account.

Prepare the journal entries that are necessary at the end of 2020 assuming that Whispering Winds does use a valuation allowance account.

Reference no: EM133147180

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