Jupiter Ltd. reported the following: 20X7 (first year of operations) 20X8 Earnings (loss) $96,000 $ (360,000) Depreciation (assets have a cost of $1,300,000) $52,000 $ 52,000 CCA Non-deductible expenses $65,000 $34,000 $ 117,000 $ 34,000 Tax rate 25% 25% 1-a. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign.) Answer is complete and correct. Taxable income 20X7 20X8 $ Accounting earnings $ 96,000 (360,000) Permanent difference: 2. Prepare a journal entry for income tax for 20X8 assuming probability of loss carryforward use is low. Non-tax-deductible expenses 34,000 Accounting income subject to tax 130,000 34,000 (326,000) Temporary difference: Depreciation CCA Taxable income No Date 52,000 52,000 (65,000) (117,000) $ $117,000 (391,000) Answer is not complete. General Journal Debit Credit 1-b. What is the amount of the loss carryforward at the end of 20X8? Answer is complete and correct. Loss carryforward $ 274,000