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Problem2) BAM, Inc. completed its first year of operations with a pretax loss of $300,000. The tax return showed a net operating loss of $400,000, which BAM will carryforward. The $100,000 book-tax difference results from excess tax depreciation over book depreciation. Management has determined that they should record a valuation allowance equal to the net deferred tax asset. Assuming a tax rate of 34%, prepare the journal entries to record the deferred tax provision and the valuation allowance..

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- 1. Problem2) BAM, Inc. completed its first year of operations with a pretax loss of $300,000. The tax return showed a net operating loss of $400,000, which BAM will carryforward. The $100,000 book-tax difference results from excess tax depreciation over book depreciation. Management has determined that they should record a valuation allowance equal to the net deferred tax asset. Assuming a tax rate of 34%, prepare the journal entries to record the deferred tax provision and the valuation allowance.