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In 2012 p p products had net income of 10000 prepare an

Question - In 2012, P & P Products had net income of $10,000. In 2013, P & P Products had a net operating loss of $50,000 and in 2014, P & P Products reported net income of $70,000. Assume a tax rate of 20% for all years presented.

Required

a. Prepare the entry that P & P Products should have made in 2013.

b. Prepare an entry for the year 2014 to record the effect of the Net Operating Loss from 2013.

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Accounting Basics: In 2012 p p products had net income of 10000 prepare an

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Accounting Basics: In 2012 p p products had net income of 10000 prepare an

Reference No:- TGS02896419

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