Concord Inc. incurred a net operating loss of $531,000 in 2020. The tax rate for all years is 20%. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years. Prepare all the journal entries necessary at the end of 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Income Tax Expense Allowance to Reduce Deferred Tax Asset to Expected Re (To record carryforward) (To record allowance) Debit 106200 Credit 106200