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lossco reported a net operating loss of $29 million for financial reporting and tax purposes....

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Accounting

LossCo reported a net operating loss of $29 million for financial reporting and tax purposes. Taxable income last year and the previous year, respectively, was $29 million and $24 million. The enacted tax rate each year is 25%. Assume that LossCo qualifies as a type of company that is allowed to carry back an NOL to two prior taxable years, using the earliest year first. 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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