Pronghorn Inc. incurred a net operating loss of $$583,900$ in $2023.$ Combined income for $2020,2021,$ and $2022$ was $$464,400.$ 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 Pronghorn earns taxable income of $$20,300$ in $2024$ and that at the end of $2024$ there is still too much uncertainty to

recognize a deferred tax asset.

$($a$)$

Prepare the journal entries that are necessary at the end of $2024$ assuming that Pronghorn does not use a valuation allowance

account. $($List all debit entries before credit entries. 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 $0$ for the amounts.$)$

Year Account Titles and Explanation

Debit

Credit

$2024$

$($To record current tax expense$)$

$2024$

$($To record current tax benefit$)$