Flounder Inc. incurred a net operating loss of $ 577,400 in 2020. Combined income for 2017, 2018, and 2019 was $ 480,000. 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. Your answer is partially correct. Prepare the journal entry that is necessary at the end of 2020 assuming that Flounder 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 2020 Current Tax Benefit Prepare the journal entries that are necessary at the end of 2020 assuming that Flounder 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 Ofor the amounts.) Year Account Titles and Explanation Debit Credit 2020 (To recognize benefit of loss carryback) 2020 IN TO DO 10 00 (To recognize benefit of loss carryforward) 2020 (To bring the deferred tax asset account to its realizable value)