21 pts Shimmer Inc. began operations in 20x2. The company sometimes sells used equipment on an installment basis. In those cases, Shimmer reports income in its income statement in the year of the sale. In its income tax return, though, the company reports installment income when it collects the cash. Installment income in 20x2 was $60,000, which the company expects to collect equal y over the next three years beginning with 20x3. The tax rte is 25%, but based on an enacted law will become 30% in 20x In addition, the company extends warranties to its customers. The estimated warranty costs accrued for GAAP in 20x2 were $15,000 and actual warranty claims paid in 20x2 were $3,000. The company expects to pay the remaining warranty claims as follows: $6,000 in 20x3; $4,000 in 20x4: $2,000 in 20x5. Shimmer's pretax accounting income from the 20x2 income statement was $94,000 and from the 20x3 income statement $12,000, which includes $40,000 of interest revenue from an investment in municipal bonds each year and only in 203 $5,000 in penalties were assessed for late filing of the company's payroll returns. There were no differences between accounting income and taxable income other than those described above. -Assume the company always carries back net operating losses, f incurred. Required 1) Prepare the journal entries to record income taxes at the end of 20x2. Put DR and CR by your entries so I can follow them. 2) Prepare the journal entries to record income taxes at the end of 20x3. Put DR and CR by your entries so I can follow them. Please remember to show your work so I can give you partial credit HTML Editor