TR17-5 Loss Carryback/Carryforward, Refile CCA (LO 17-2) Moon Ltd. reported the following: Earnings (loss) Depreciation (assets have a cost of $600,000) CCA Non-deductible expenses Tax rate 2017 (First year of operations) $240,000 $ 50,000 $100,000 $ 38,000 20 $(350,000) $ 50,000 $ 140,000 $ 15,000 30 1. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign. Leave no cells blank-be certain to enter "0" wherever required.) Taxable income 20X7 20x8 Accounting earnings Permanent difference Accounting income subject to tak Temporary difference Taxable income 2. How much is the tax refund to be claimed in 20X8? Refund tax 3. What is the amount of the loss carryforward at the end of 20X8? Loss carryforward 4. Repeat requirements 1-3 based on the assumption that Moon decides to not claim CCA in 20x8 or 20x7. a. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign. Leave no cells blonk.be certain to enter "o" wherever required.) 20x7 20X8 Taxable income Accounting earnings Permanent difference Accounting income subject to tax Temporary difference Taxable income b. How much is the tax refund to be claimed in 20x8? Refund tax c. What is the amount of the loss carryforward at the end of 20X8? Loss carryforward