Lu Ltd. has experienced the following accounting and taxable income: 20X4 20x5 2006 20x7 Accounting Earnings $ (88,000) 82,000 92,000 52,000 Taxable Income* $ (64,000) 51,000 84,000 (90,000) Tax Rate 36% 38 36 32 *Before applying any available tax loss carryforwards The differences between accounting and taxable income are caused by differences between accounting and tax expenses that will not reverse (permanent differences). All tax rates are enacted in the year to which they relate. Required: 1. Record income tax for 20X4 through 20X7 assuming that the future use of tax loss carryforwards is not 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 The differences between accounting and taxable income are caused by differences between accounting and tax expenses that will not reverse (permanent differences). All tax rates are enacted in the year to which they relate. Required: 1. Record income tax for 20x4 through 20X7 assuming that the future use of tax loss carryforwards is not considered to be probable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)