2. Dixon Company reported a $270,760 balance in its deferred tax liability account at the beginning of year 5. The deferred tax liability was due to using the straight-line method on its books and an accelerated depreciation method for tax purposes. The plant asset has two years of useful life remaining. At the beginning of year 5, the plant asset had a book basis of $1,300,000 and a tax basis of $526,400. We present depreciation expense and income before tax and depreciation for years 5 and 6 in the table below. (Click the icon to view the information for year 5 and 6.) Read the requirement? Prepare the journal entry required to record the tax provision for year 5. Assume a tax rate of 35%. (Record debits first, then credits. Exclude explanations from any journal entries.) Year 5 Account (1) Income Tax Expense (2) Deferred Tax Liability (3) Income Taxes Payable Prepare the journal entry required to record the tax provision for year 6. Assume a tax rate of 35%. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Year 6 1: Data Table Year 5 Tax Depreciation $ 330,600 195,800 GAAP Depreciation 650,000 650,000 Income before Tax and Depreciation 900,000 985,000 $ 2: Requirement Assuming a tax rate of 35%, prepare the journal entries required to record the tax provision for years 5 and 6. (Record debits first, then credits. Exclude explanations from any journal entries.)