Lease accounting standard has been dramatically revised in recent years.Â The entities that play a role of a lessee have seen their price decline, mainly due to the recently effective FASB ASC 842.Â ReadÂ Â Chap 15 Lease-Accounting Rules May Have Hurt Companiesâ€™ Valuations, Study Says – WSJ.pdfÂ Â from WSJ and answer the following questions:
Â· What authoritative requirements made â€œa recent change in how companies are expected to account for and report operating leases on company balance sheetsâ€?
Â· What are operating leases? How are they shown on corporate balance sheets? Describe measuring an amount to be included on the balance sheet and the accounts that are affected.
Â· Consider your answer to the question above. How is it possible that accounting prior to the new lease accounting standard might not show leases on the balance sheet?
2. Chapter 16 Discussion:
An August 11, 2020 article from WorldOil Magazine had the following headline: â€œMarathon Sets Up for $1.1 Billion Tax Refund via Coronavirus Aid Law.â€ The article goes on to indicate, â€œThat measure included a tax provision that allows companies to immediately deduct net operating losses and apply them to previous returns for five years from 2018, 2019, and 2020 â€“ instead of only applying those deductions to future years. The benefit is supercharged because deductions taken before the 2017 tax overhaul can be claimed at the 35% corporate tax rate instead of the current 21%.â€
Marathon Petroleum Corporationâ€™s June 30, 2020, 10Q states the following: â€œAs of June 30, 2020, the estimated cash tax refund resulting from the NOL carryback provided in the CARES Act is $1.1 billion and arises solely due to taxes paid in prior years. Absent the CARES Act, we would have recorded a deferred tax asset for the expected NOL carryforward under the currently effective federal income tax rate.â€
Â· Based only on the information provided above, prepare a journal entry that records any tax expense (benefit) associated with the NOL carryback.
Â· Assuming a tax rate of 35% in prior years, how much pretax net operating loss did Marathon carryback to prior periods?
Â· Assume now that the CARES Act was not in effect. Prepare a journal entry that records any tax expense (benefit) associated with the NOL carryforward, assuming a tax rate of 21% for current and future periods.
Â· Whether Marathon could do an NOL carryback or an NOL carryforward, it would recover or avoid some taxes by utilizing the NOL. How much extra tax did it recover or avoid due to the difference in tax rates between prior years and future years?
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