Jupiter Ltd reported the following Earnings (loss) year of operationa $96.000 #1260,000 Depreciation (pete have of $1,300,000) $52,000 $65.000 $34,000 254 $13,000 $117.000 $ 34,000 254 1. 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 200 Accounting amings 96.000 360 000) Parmanant difference Non-tax deductible expenses 0 Accounting income subject to tax 34,000- 34.000 130.000 (225,000) Temporary diference Depreciation 52.000 52,000 O CCA (65.000) (117.000) Taxable income $117.000 391.000 1-b. What is the amount of the loss carryforward at the end of 20x8? Answer is complete and correct. Los card $274,000 2. Prepare a journal entry for income tax for 20x8 assuming probability of loss carryforward use is low. Date Answer is not complete. General Journal Debit Credit