Show math to prob. 30. Clinton Corp. operates in an industry for which...
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30. Clinton Corp. operates in an industry for which NOL carryback is not allowed, and had the following pretax income (loss) over its first three years of operations: 2019 2020 2021 $ 1,200,000 (900,000) 1,500,000 For each year there were no deferred income taxes and the tax rate was 25%. No valuation account was deemed necessary for the deferred tax asset as of December 31, 2020. Prepare Journal entry to record the tax benefit from loss carryforward in 2020 and tax expense in 2021
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