During Its First Year Of Operations Nile Com Reported A Net Operating Loss Of 17

During its first year of operations, Nile.com reported a net operating loss of $17 million for financial reporting and tax purposes. The enacted tax rate 35%.

Prepare the journal entry to recognize the income tax benefit of the net operating loss. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in whole dollars.)

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