Sol Limited. reported earnings of $520,000 in 20X8. The company has $92,000 of depreciation expense this year, and claimed CCA of $144,000. The tax rate was 28%. At the end of 20X7, there was a $124,000 loss carryforward that was not recorded because use was considered less than probable. The company also reported a deferred tax liability of $72,000 caused by capital assets with a net book value of $1,320,000 and UCC of $1,020,000. The tax rate had been 20% in 20x7. Required: What is the amount of income tax expense in 20X8? Tax expense Prepare the income tax entry or entries. View transaction list Journal entry worksheet Record the entry income tax expense. Note: Enter debits before credits. Date General Journal Debit Credit 20X8 Prepare the income tax entry or entries. View transaction list X: 1 Record the entry income tax expense. 2 Record the entry loss carryforward. Credit Note : -journal entry has been entered