Description Sol Limited. reported earnings of $530,000 in 20X8. The company has $93,000 of depreciation expense this year, and claimed CCA of $146,000. The tax rate was 30%. At the end of 20X7, there was a $126,000 loss carryforward that was not recorded because use was considered less than probable. The company also reported a deferred tax liability of $73,000 caused by capital assets with a net book value of $1,330,000 and UCC of $1,030,000. The tax rate had been 25% in 20X7. Required: 1,What is the amount of income tax expense in 20X8? 2,Prepare the income tax entry or entries.

(1) Record the entry income tax expense.

(2) Record the entry loss carryforward.