Jupiter Ltd. reported the following: Earnings (loss) Depreciation (assets have a cost of $1,300,000) CCA Non-deductible expenses Tax rate 20x7 (first year of operations) $ 96,000 $ 52,000 $ 65,000 $ 34,000 25% 20x8 $(360,000) $ 52,000 $ 117,000 $ 34,000 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.) 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 3-a. What is the amount of the taxable income or loss in each year? Assuming that Jupiter decides to not claim CCA in 20x8 or 20x7. (Negative amounts and deductible amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "O" wherever required.) 20X7 20x8 Taxable income Accounting earnings Permanent difference Accounting income subject to tax Temporary difference: Taxable income 3-b. What is the amount of the loss carryforward at the end of 20X8? The loss carryforward 3-c. Prepare a journal entry for income tax for 20X8 assuming probability of loss carryforward use is low. View transaction list Journal entry worksheet