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What did huscarl report on december

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Reference no: EM133133123

Question - Huscarl Corp. reported the following pretax accounting income and taxable income for its first three years of operations:

2019 $750,000

2020 (600,000)

2021 (100,000)

Huscarl's tax rate is 35% for all years. As of December 31, 2021, Huscarl was certain that it would recover the full tax benefit of the NOL.

a. What did Huscarl report on December, 31, 2021 as the deferred tax asset for the NOL CARRY FORWARD?

b. What would Huscarl report as its net (after-tax) loss in its 2020 income statement?

Reference no: EM133133123

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