SImeonl Ltd$.$ began operations in $205$ and reported the following Information for the years $205$ to $209$ :

The Income tax rate is $40\%$ in all years. Assume that Simeonl's only depreclable assets were purchased in $205$ and cost $$513,000.$

Requlred:

Prepare the journal entries for Income taxes for $208$ and $209.$ In $208,$ It was determined by management that It was probable

that the loss carryforwards would be realized. $($If no entry ls requlred for a transactlon$/$event$,$ select $"$No journal entry requlred" In

the first account fleld.$)$

$(1)$ Record the loss carry forward, change in deferred income

tax, income tax receivable and the impact on income tax

expense during $208.$

e impact

$(2)$ Record the change in deferred income tax, income tax

payable and the impact on income tax expense during

$20$x$9.$

$(3)$ Record the benefit of loss carry forward during $20$x$9.$

Note : $=$ journal entry has been entered

What is the balance of deferred Income tax at the end of $209?$