Cullumber Inc. incurred a net operating loss of $450,000 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. fill in all the journal entries necessary at the end of 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
(To record carryforward)
(To record allowance)