1. Kent Land Management reported pretax accounting income of $140 million in 2011, and $100 million each in 2012 and 2013. In 2011, Kent Land earned $40 million as income from the installment sale of property. However, the income is to be taxed when the company collects $10 million in 2012 and $30 million in 2013. The enacted tax rate is 40%. Prepare the necessary journal entries for the reporting of income taxes for the years 2011, 2012 and 2013