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Down & Out Inc. has a net operating loss of $60,000 for tax year 2020. Down & Out has not had a taxable income since

Down & Out Inc. has a net operating loss of $60,000 for tax year 2020. Down & Out has not had a taxable income since 2016, but is expecting to turn the corner in 2021. Using a 21% income tax rate, give the income tax accrual entry for Down & Out.

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