Sol Limited, reported earnings of $510,000 in 20X8. The company has $91,000 of depreciation expense this...

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Sol Limited, reported earnings of $510,000 in 20X8. The company has $91,000 of depreciation expense this year, and claimed CCA of $142,000. The tax rate was 25%. At the end of 20X7, there was a $122,000 loss carryforward that was not recorded because use was considered less than probable. The company also reported a deferred tax liability of $71,000 caused by capital assets with a net book value of $1,310,000 and UCC of $1,010,000. 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 Check my Journal entry worksheet 1 Record the entry income tax expense. 2 Note: Enter debits before credits. Date: 20X8 Record entry General Journal Clear entry Debit Credit View general journal D 1 Record the entry loss carryforward. Date 20X8 2 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal Sol Limited, reported earnings of $510,000 in 20X8. The company has $91,000 of depreciation expense this year, and claimed CCA of $142,000. The tax rate was 25%. At the end of 20X7, there was a $122,000 loss carryforward that was not recorded because use was considered less than probable. The company also reported a deferred tax liability of $71,000 caused by capital assets with a net book value of $1,310,000 and UCC of $1,010,000. 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 Check my Journal entry worksheet 1 Record the entry income tax expense. 2 Note: Enter debits before credits. Date: 20X8 Record entry General Journal Clear entry Debit Credit View general journal D 1 Record the entry loss carryforward. Date 20X8 2 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal