What would percival report as net income

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Reference no: EM131956399

Problem

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

2017 $350,000

2018 (600,000)

2019 700,000

Percival's tax rate is 40% for all years. As of December 31, 2018, Percival was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback.

What would Percival report as net income for 2019?

Percival was certain it would recover the full tax benefit of the NOL. What did it report on December 31, 2018, as the deferred tax asset for the NOL carryforward?

Assuming that Percival elected a loss carryback, what would be the net loss in 2018 reported in Puritan's income statement?

Reference no: EM131956399

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