The pre-tax income statements for Moonstone Ltd. for two years (summarized) were as follows: 2. Revenues Expenses Pre-tax income 20x8 $264, 000 180,000 $ 84,000 20x9 $328,000 236, 000 $ 92,000 For tax purposes, the following income tax differences existed: a. Revenues on the 20x9 statement of profit and loss include $36,000 rent, which is taxable in 20X8 but was unearned at the end of 20X8 for accounting purposes. b. Expenses on the 20x9 statement of profit and loss include political contributions of $12,000, which are not deductible for income tax purposes. c. Expenses on the 20X8 statement of profit and loss include $20,800 of estimated warranty costs, which are not deductible for income tax purposes until 20X9. 1. What was the accounting carrying value and tax basis for unearned revenue and the warranty liability at the end of 20X8 and 20x9? (Leave no cells blank - be certain to enter "O" wherever required.) Year 20X8 20X9 Unearned Rent Warranty Unearned Rent Warranty Accounting carrying value Tax basis 2. Compute (a) income tax payable, (b) deferred income tax, and (c) income tax expense for each period. Assume a tax rate of 30%. (Amounts to be deducted should be indicated by a minus sign.) 20X8 20X9 a. Income tax payable b. Deferred income tax c. Total income tax expense 3. Give the entry to record income taxes for each period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X: 1 Record the entry for current and deferred tax expense. > 2 Record the entry for current and deferred tax expense. Credit 4. Complete statements of profit and loss to include income taxes expense. Statement of Profit and Loss 20X8 20X9 $ $ Revenues Expenses Earnings before tax Income tax expense Net earning (Loss) 264,000 180,000 84,000 328,000 236,000 92,000 5. What amount of deferred income tax will be reported on the statement of financial position at each year-end? Statement of Financial Position Non-current asset: 20X8 20X9