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Mallock Incorporated reports net operating income (loss) for financial reporting and tax purposes in each...

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Accounting

Mallock Incorporated reports net operating income (loss) for financial reporting and tax purposes in each year as follows ($ in thousands):
20162017201820192020
$ 150 $ 20 $ 0 $ 0 $ (230)
Mallocks federal tax rate decreased from 35% to 21% starting in 2018. Mallock accounts for its 2020 NOL under the CARES Act.
Required:
Prepare the appropriate journal entry to record Mallocks 2020 income taxes.
Show the lower portion of the 2020 income statement that reports income tax expense or benefit.

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