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Year 2 Year 1 SCENARIO 1 Taxable Income and Pre-tax book income (1,000,000) S 1,500,000 0.4 Tax rate Income Tax paid Income tax expense Net Income Tax Journal entry enter debits and credits as needed Year 2 Year 1 SCENARIO 2 000.000 Taxable Income and Pre-tax book income 1,500,000 0.4 Tax rate Income Tax paid Income tax expense Net Income Tax Journal entry The company Year 1 SCENARIO 1b Taxable Income and Pre-tax book income LS 000,000 anticipates 0.4 continued losses Tax rate into the Income Tax paid indefinite future. Income tax expense Net Income Tax Journal entry 1 Tax Journal entry 2