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

2016	2017	2018	2019	2020
$ 200	$ 40	$ 0	$ 0	$ (280)

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

Required:

1. Prepare the appropriate journal entry to record Mallocks 2020 income taxes.
2. Show the lower portion of the 2020 income statement that reports income tax expense or benefit.

please show answer and workings