Bramble Inc. incurred a net operating loss of $583,800 in 2020. Combined income for 2017, 2018, and 2019 was $460,300. The tax rate for all years is 30%. Assume that it is more likely than not that the entire tax loss carryforward will not be realized in future years. Assume that Bramble earns taxable income of $29,300 in 2021 and that at the end of 2021 there is still too much uncertainty to recognize a deferred tax asset. Your answer is partially correct. Prepare the journal entries that are necessary at the end of 2021 assuming that Bramble does not use a valuation allowance account. (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 for the amounts.) Debit Credit Year Account Titles and Explanation 2021 Current Tax Expense 2021 (To record current tax expense) Income Tax Receivable Current Tax Benefit (To record current tax benefit) e Textbook and Media Assistance Used e Textbook 1 eTextbook 2 List of Accounts Your answer is partially correct. Prepare the journal entries that are necessary at the end of 2021 assuming that Bramble does use a valuation allowance account. (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 for the amounts.) Debit Credit 37050 Year Account Titles and Explanation 2021 Deferred Tax Expense Deferred Tax Asset (To record deferred tax expense) 2021 Allowance to Reduce Deferred Tax Asset to Expected Realiz Deferred Tax Benefit (To bring the Deferred Tax Asset account to its realizable value) 37050 37050 eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit