Hwang Incorporated had taxable income of $110,000 in 2018, no Income or loss in 2019, and an NOL of $60,000 in 2020. The applicable tax rate was 40% in 2018 and 25% in 2019 and thereafter. Prepare the journal entry that Hwang would make in 2020, assuming it qualified to carryback the NOL to 2018 under the CARES Act. 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. View transaction list Journal entry worksheet Record the entry that Hwang would make in 2020, assuming it accounted for the NOL under the CARES Act. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Hwang Incorporated had taxable income of $110,000 in 2018, no Income or loss in 2019, and an NOL of $60,000 in 2020. The applicable tax rate was 40% in 2018 and 25% in 2019 and thereafter. Prepare the journal entry that Hwang would make in 2020, assuming it qualified to carryback the NOL to 2018 under the CARES Act. 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. View transaction list Journal entry worksheet Record the entry that Hwang would make in 2020, assuming it accounted for the NOL under the CARES Act. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ef 32.
Transcribed Image Text:Hwang Incorporated had taxable income of $110,000 in 2018, no income or loss in 2019, and an NOL of $60,000 in 2020. The
applicable tax rate was 40% in 2018 and 25% in 2019 and thereafter.
Prepare the journal entry that Hwang would make in 2020, assuming it qualified to carryback the NOL to 2018 under the CARES Act.
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.
View transaction list
Journal entry
worksheet
Record the entry that Hwang would make in 2020, assuming it accounted for
the NOL under the CARES Act.
Note: Enter debits before credits.
Transaction
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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