Jupiter Ltd. reported the following: Earnings (1035) Depreciation assets have a cost of $1,600,000) CCA Non-deductible expenses Tax rate 20x (int Year of operations $135,000 64,000 $ 80.000 #26.000 308 20x (320,000) $ 64,000 $ 149.000 #26,000 300 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.) 20X7 20x8 Taxable income Accounting earnings Permanent difference: Accounting income subject to tax Temporary difference Taxable income 1-b. What is the amount of the loss carryforward at the end of 20X8? Loss carryforward 2. Prepare a journal entry for income tax for 20x8 assuming probability of loss carryforward use is low. View transaction list Journal entry worksheet