A corporation has the following taxable income in its first 5 years of operations: Tax year Taxable income Tax rate Income tax paid 20X1 150,000 35% 52,500 20X2 168,000 37% 62,160 20X3 192,000 35% 67,200 20X4 240,000 40% 96,000 20X5 (720,000 ) 38% Assume that realization of the tax benefit has been assessed as probable. Required: Prepare the journal entry to recognize the tax recovery in 20X5. Use the comprehensive income tax method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)