Nalad Corp. provided the following data related to accounting and taxable income: Pre-tax accounting income (financial statements) Taxable income (tax return) Income tax rate 20X8 $420,000 20X9 $450,000 250,000 620,000 40% 40% There are no existing temporary differences other than those reflected in these data. There are no permanent differences. Required: 1-a. How much tax expense would be reported in each year if the taxes payable method was used? Tax Expense 20X8 $ 100,000 20X9 248,000: $ 348,000 1-b. What is the implied tax rate? (Round your answers to 1 decimal place.) 20X8 Implied tax rate 23.8 % 20X9 55.1 %