Earnings (loss) before tax Tax rate (enacted in each year) Capital cost allowance Depreciation (original cost of assets, $900,000) Rental revenue recognized 20X4 $80,000 35% 45,000 54,000 54,000 20X5 20X6 $(400,000) $ 95,000 20X7 $115,000 35% 31% 45,000 0 45,000 108,000 29% 45,000 98,000 *There is a rent receivable account at the end of 20X4, because rent revenue was earned In 20X4 but will not be collected until 20X6. This amount is not part of taxable income in 20X4, but will be taxable income in 20X6 when it is collected. Required: Prepare journal entries to record tax for 20X4, 20X5, 20X6, and 20X7. Assume that the tax loss carryforward usage in 20X5 Is considered to be not probable but that in 20X6 the balance of probability shifts and in 20X6 the loss usage is considered to be probable. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction list Record entry for current and deferred income tax expense payable. Record entry for current income tax benefit recoverable. X Record entry for current and deferred income tax expense payable. Record entry for current income tax benefit recoverable. Credit Record entry for current and deferred income tax expense payable. Record entry for set-off of current income tax expense payable against loss carryforward. Note: journal entry has been entered Record entry Clear entry 26,660 > View general journal B