Question: For 2021, assume that Chris Inc. returns to profitable operations and has taxable income of $850,000 (prior to adjustment for the NOL carryforward), subject to

For 2021, assume that Chris Inc. returns to profitable operations and has taxable income of $850,000 (prior to adjustment for the NOL carryforward), subject to a 20% tax rate. Record the journal entry of income tax expense for 2021.

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