Lopez Ltd. reports the following asset on the statement of financial position at 31 December 20X8: $ 395,200 Deferred income tax asset, loss carryforward This asset reflects the benefit of a tax loss carryforward recorded in 20X7. It was not used in 20x8. The enacted tax rate was 38%. In 20X9, the enacted tax rate changed to 40%. Required 1. Record 20X9 tax entries if Lopez reported accounting and taxable income of $70,000 in 20x9. The use of the tax loss carryforward is still considered to be probable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the entry for income expense Note: Enter debits before credits. Date General Journal Debit Credit 20X9 2. Record 20X9 tax entries if Lopez reported accounting and tax losses of $240,000 in 20X9. The use of the tax loss carryforward is still considered to be probable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry for use loss of carryforward Note: Enter debits before credits. Date General Journal Debit Credit 20x9 Record entry Clear entry View general journal