Task #2 Bruce also requires a calculation of taxable income for the most recent year ended December 31. The calculation should be prepared in Excel. He has also requested that you prepare the year-end journal entry for taxes payable using a marginal rate of 14% on income less than the small business deduction. Bruce has provided you with the draft statement of income and retained earnings (Appendix II) and additional information you will need (Appendix III). Your response, not including any Excel worksheets, should not exceed one half of a page. Note: Unless otherwise noted, use the tax rates and tax regulations pertaining to the most recent calendar year end to your module. For instance, if you are writing Core 1 in May 2019, use the 2018 tax rates and regulations (the most recent year end being December 2018). If you are writing Core 1 in January 2020, use the 2019 tax rates and regulations