7 ints eBook Print References Hallock Incorporated reports net operating income (loss) for financial reporting and tax purposes in each year as follows ($ in thousands): 2016 2017 2018 2019 $ 100 $ 100 $0 $0 2020 $ (180) Help Save & Exit Submit Hallock's federal tax rate decreased from 35% to 21% starting in 2018. Hallock accounts for its 2020 NOL under the CARES Act. Required: 1. Prepare the appropriate journal entry to record Hallock's 2020 income taxes. 2. Show the lower portion of the 2020 income statement that reports income tax expense or benefit. Complete this question by entering your answers in the tabs below. Required 1 Required 2

Prepare the appropriate journal entry to record Hallock's 2020 income taxes. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your thousands. Journal entry worksheet Record 2020 income tax benefit from operating loss. Note: Enter debits before credits. Hallock Incorporated reports net operating income (loss) for financial reporting and tax purposes in each year as follows (\$ in thousands): Hallock's federal tax rate decreased from 35% to 21% starting in 2018 . Hallock accounts for its 2020 NOL under the CARES Act. Required: 1. Prepare the appropriate journal entry to record Hallock's 2020 income taxes. 2. Show the lower portion of the 2020 income statement that reports income tax expense or benefit. Complete this question by entering your answers in the tabs below. Show the lower portion of the 2020 income statement that reports income tax expense or benefit. Note: Enter your answers in thousands. Hallock Incorporated reports net operating income (loss) for financial reporting and tax purposes in each year as follows (\$ in thousands): Hallock's federal tax rate decreased from 35% to 21% starting in 2018 . Hallock accounts for its 2020 NOL under the CARES Act. Required: 1. Prepare the appropriate journal entry to record Hallock's 2020 income taxes. 2. Show the lower portion of the 2020 income statement that reports income tax expense or benefit. Complete this question by entering your answers in the tabs below