Blue Spruce Corporation had the following tax information: Year Taxable Income Tax Rate Taxes Paid 2017 $389,000 31% $120,590 2018 311,000 30% 93,300 2019 399,100 30% 119,730 In 2020, Blue Spruce suffered a net operating loss of $557,000, which it decided to carry back. The 2020 enacted tax rate is 25%. Prepare Blue Spruce's entry to record the effect of the loss carryback. (Credit account titles are automatically indented when the 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.) Year Account Titles and Explanation Debit Credit 2020 Income Tax Receivable Current Tax Benefit