In 2021, its first year of operations, Ruby Mines Inc. ("Ruby") had a $500,000 net operating loss when the tax rate was 30%. In 2022, Ruby had $200,000 taxable income and the tax rate remained at 30%. Assume Ruby's management thinks that it is more likely than not that the loss carryforward will not be realized in the near future, because it is a relatively new company. Ruby does not use the valuation allowance approach. Required (a) What entries (if any) would be prepared in 2021 to record the tax loss carryforward? [1 mark] (b) What entries (if any) would be prepared in 2022 to record the current and future income taxes and to recognize the loss carryforward? (Assume that at the end of 2022 it is more likely than not that the future income tax asset will now be realized.) [6 marks]