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During 2021, its first year of operations, American Laminating Corporation reported an operating loss of $120 million for financial reporting and tax purposes. The enacted tax rate is 25%. In 2019, American reported a pretax accounting income of $40 million and applies a net operating loss carryforward up to 80% of taxable income. Which of the following is incorrect?
a. Income tax payable in 2018 is zero.
b. Net loss in 2018 is $79 million.
c. The deferred tax asset balance at the end of 2018 is $21 million.
d. The deferred tax asset balance decreases in 2019.
e. Income tax expense in 2019 is zero.
Answers: 2
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During 2021, its first year of operations, American Laminating Corporation reported an operating los...
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