Jupiter Ltd. reported the following: Earnings (loss) Depreciation (assets have a cost of $1,700,000) CCA Mon deductible expenses Tax rate 20X7 (first year of operations) $70,000 $68, $5,000 $35,000 2x $(500,000) $ 68,000 $ 153,000 $ 38,000 303 1a. 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? own 2. Prepare a journal entry for Income tax for 20x8 assuming probability of loss carryforward use is low. View transaction list Journal entry worksheet