2024, Ryan Management collected rent revenue for 2025 tenant occupancy. For financial reporting, the rent is recorded as deferred renue and then recognized as revenue in the perlod tenants occupy rental property. For tax reporting. the rent is taxed when llected in 2024. The deferred portion of the rent collected in 2024 was $50 million. The tax rate is 25%. Suppose the deferred rtion of the rent collected was $40 million at the end of 2025 . Taxable income is $200 million. epare the appropriate journal entry to record income taxes in 2025. ote: If no entry is required for a tronsaction/event, select "No journal entry required" in the first account field. Enter your answers millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5)