In the most recent tax year, HyunJin Corporation reported taxable income of $100,000 before any NOL deductions. HyunJin has a $170,000 NOL carryover that originated in 2017 and a $90,000 NOL carryover that originated in 2020. Consider HyunJins current years taxable income after the NOL deduction (assuming it elects to forego any NOL carryback). Consider what NOLs HyunJin can carry over to the next tax year. Explain the effects of the current carryback tax law as it applies to a companys NOL. Include the following in your response: 1. Effect on companys income statement 2. Effect on companys balance sheet 3. Adjusting entries requirements