3 In 2018, Ryan Management collected rent revenue for 2019 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as Income in the period tenants occupy rental property, but for income tax reporting It is taxed when collected. The deferred portion of the rent collected in 2018 was $65 million. Taxable Income is $220 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%. Suppose the deferred portion of the rent collected was $55 million at the end of 2019. Taxable Income is $240 million. 10 points Prepare the appropriate journal entry to record income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers In millions (i.e., 10,000,000 should be entered as 10).) eBook View transaction list Print Journal entry worksheet Record 2019 income tax expense. Note: Enter debits before credits. Event Debit Credit tax asset Income tax payable Record entry Clear entry View general journal