Brief Exercise 18-18 Sarasota Inc. incurred a net operating loss of $583,200 in 2017. Combined income for 2014, 2015, and 2016 was $460,500. The tax rate for all years is 30%. Assume that Sarasota earns taxable income of $20,100 in 2018 and that at the end of 2018 there is still too much uncertainty to recognize a deferred tax asset. Your answer is partially correct. Try again. Prepare the journal entries that are necessary at the end of 2018 assuming that Sarasota 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 O for the amounts.) Year Account Titles and Explanation Debit Credit 2018Income Tax Receivable Current Tax Benefit (To record current taxes.) 2018 Deferred Tax Asset Deferred Tax Benefit (To recognize tax benefit.)