E13-14 The income statement of Pier 1 Imports, Inc., reported income before income tax of $130 million during a recent year. Assume Pier 1's taxable income for the year was $100 million. The company's income tax rate was 40%. 1. Journalize Pier I's entry to record income tax for the year. 2. Show how Pier I would report income tax on its income statement and on its balance sheet. Complete the income statement, starting with income before tax. For the balance sheet, assume all beginning balances were zero.