Laxton Jafferty Ltd. (LJ) began operations in Vancouver on January 1, 2014. Selected results of their operations for the next 6 years are included below. LJ has a December 31st year end. Management believes that tax losses will always be used against taxable income in the future. 2014 2015 2016 2017 2018 2019 Income (loss) $650.000 ($250,000) ($100,000) $200,000 ($500,000) $655,000 before taxes Depreciation 75,000 100,000 125,000 150,000 175,000 200,000 CCA claimed (200,000) (175,000) (150,000) (125,000) (100,000). (75,000) Taxable $525,000 ($325,000) ($125,000) $225,000 ($425,000) $780,000 Income (Loss) Tax Rate 33% 30% 29% 29% 27% 30% NOTE Tax rate changes are unknown to the company until the year of the change Required: 1 a) Present the journal entries to account for incomes taxes in 2018. [7 marks] 1b) Record the journal entries to account for incomes taxes in 2019. [10 marks]