The DeVille Company reported pretax accounting income on its income statement as follows: 2024 2025 $...

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The DeVille Company reported pretax accounting income on its income statement as follows: 2024 2025 $ 375,000 295,000 2026 2027 365,000 405,000 Included in the income of 2024 was an installment sale of property in the amount of $38,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $15,200 in 2025, $19,000 in 2026, and $3,800 in 2027. Included in the 2026 income was $14,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2024 and 2025 was 40%, but during 2025, new tax legislation was passed reducing the tax rate to 25% for the years 2026 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2024-2027. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No 1 Date December 31, 202 Income tax expense Income tax payable 2 December 31, 202 Income tax expense Deferred tax liability December 31, 202 Income tax expense Answer is not complete. General Journal Debit Credit 150,000 38,000X 111,920x 111,920 83,000X Deferred tax liability 4 December 31, 202 Income tax expense 100,300 Deferred tax liability The DeVille Company reported pretax accounting income on its income statement as follows: 2024 2025 $ 375,000 295,000 2026 2027 365,000 405,000 Included in the income of 2024 was an installment sale of property in the amount of $38,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $15,200 in 2025, $19,000 in 2026, and $3,800 in 2027. Included in the 2026 income was $14,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2024 and 2025 was 40%, but during 2025, new tax legislation was passed reducing the tax rate to 25% for the years 2026 and beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2024-2027. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No 1 Date December 31, 202 Income tax expense Income tax payable 2 December 31, 202 Income tax expense Deferred tax liability December 31, 202 Income tax expense Answer is not complete. General Journal Debit Credit 150,000 38,000X 111,920x 111,920 83,000X Deferred tax liability 4 December 31, 202 Income tax expense 100,300 Deferred tax liability