During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of...

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During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of $384,000 for financial

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Event	General Journal	Debit	Credit
1	Deferred tax assets	$ 96,000
	Income tax benefit—Operating loss		$ 96,000
	(384,000 * 25%)

2
	Operating loss before income taxes	-$ 384,000
	Income tax benefit—net operating loss	$ 96,000
	Net loss	$ 288,000

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