Help Lu Ltd. has experienced the following accounting and taxable income Accounting Taxable Earnings Income Tax Rate 20x4 5(86,080) $(62,000) 36% 20x5 80,000 50,000 38 20x6 90,000 82,800 36 20x7 50,000 (88,000) 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.) View transaction list View transaction list Journal entry worksheet Record the entry for recovery use of carryforward Note: Enter debits before credits Transaction 20X4 General Journal Debit Credit