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The numbers are good two of the account names are not good Cheyenne...

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Accounting

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The numbers are good two of the account names are not good

Cheyenne Inc. incurred a net operating loss of $518,000 in 2020. The tax rate for all years is 20%. Assume that it is more like than not that the entire net operating loss carryforward will not be realized in future years. Prepare all the journal entries necessary at the end of 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select"No Entry" for the account titles and enter O for the amounts.)

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