Check my work Lu Ltd. has experienced the following accounting and taxable income: Tax Rate 20X4 20X5 20X6 20X7 Accounting Earnings $(86,000) 80,000 90,000 50,000 Taxable Income* $(62,000) 50,000 82,000 (88,000) 36% 38 36 32 *Before applying any available tax loss carryforwards The differences between accounting and taxable income are caused by differences between accounting and tax expenses that will not reverse (permanent differences). All tax rates are enacted in the year to which they relate. Required: 1. Record income tax for 20X4 through 20X7 assuming that the future use of tax loss carryforwards is not considered to be probable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) check my work 2. Repeat requirement 1, assuming that the use of tax loss carryforwards is considered to be probable in the loss year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the entry for recovery use of carryforward. Note: Enter debits before credits. Transaction General Journal Debit Credit 20X4