Mallock Incorporated reports net operating income $($loss$)$ for financial reporting and tax purposes in each year as follows $($$ in thousands$)$:

$20162017201820192020$

$ $150$ $ $20$ $ $0$ $ $0$ $ $(230)$

Mallock$$s federal tax rate decreased from $35\%$ to $21\%$ starting in $2018.$ Mallock accounts for its $2020$ NOL under the CARES Act.

Required:

Prepare the appropriate journal entry to record Mallock$$s $2020$ income taxes.

Show the lower portion of the $2020$ income statement that reports income tax expense or benefit.