Question 1 Grouper Inc. incurred a net operating loss of $576,300 in 2017. Combined income for 2014, 2015, and 2016 was $454,500. The tax rate for all years is 30%. Assume that Grouper earns taxable income of $23,200 in 2018 and that at the end of 2018 there is still too much uncertainty to recognize a deferred tax asset. (a) Prepare the journal entries that are necessary at the end of 2018 assuming that Grouper 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 2018 (To record current taxes.) 2018 (To recognize tax benefit.) Question 1 Grouper Inc. incurred a net operating loss of $576,300 in 2017. Combined income for 2014, 2015, and 2016 was $454,500. The tax rate for all years is 30%. Assume that Grouper earns taxable income of $23,200 in 2018 and that at the end of 2018 there is still too much uncertainty to recognize a deferred tax asset. (a) Prepare the journal entries that are necessary at the end of 2018 assuming that Grouper 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 2018 (To record current taxes.) 2018 (To recognize tax benefit.)