please answer with correct and detailed calculations and explanations. make sure supporting statements are also provided for each step and calculation.

Blue Spruce Inc. incurred a net operating loss of $584,400 in 2023. Combined income for 2020, 2021, and 2022 was $448,000. 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. (a) Prepare the journal entry that is necessary at the end of 2023 assuming that Blue Spruce does not use a valuation allowance account. (List debit entry before credit entry. 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 2023