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What is necessary journal entry to record nol? carryforward

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Problem 1: Big Bear Sporting Goods opened in 2018. They reported sales revenue of $ 425, 000 and expenses of $ 440, 000. There are no permanent or temporary? differences, so the book loss and taxable loss will be the same. Big Bear plans on carrying forward the net operating loss? (NOL). Assuming a 42% tax? rate, what is the necessary journal entry in 2018 to record the NOL? carryforward?

Reference no: EM132819401

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