Jupiter Ltd. reported the following: Earnings (loss) Depreciation (assets have a cost of $1,400,000) CCA Non-deductible expenses Tax rate 20x7 (first year of operations) $68,000 $56,000 $70,000 $35,000 30% 20x8 $(365,000) $ 56,000 $ 126,000 $ 35,000 30% 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 Record the entry in loss year 20x8 when the provision is met Note: Enter debits before credits Date General Journal Debit 20x8 Credit