Business, 10.05.2021 19:20 vpmtennis

Fore Farms reported a pretax operating loss of $220 million for financial reporting purposes in 2021. Contributing to the loss were (a) a penalty of $16 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2021 and (b) an estimated loss of $30 million from accruing a loss contingency. The loss will be tax deductible when paid in 2022. The enacted tax rate is 25%. There were no temporary differences at the beginning of the year and none originating in 2021 other than those described above. Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2021. 2. What is the net operating loss reported in 2021 income statement

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Fore Farms reported a pretax operating loss of $220 million for financial reporting purposes in 2021...

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