A company reports pretax accounting income of $50 million, but because of a single temporary difference, taxable income is $52 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. 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 rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 Income tax expense 12.5 Deferred tax asset 125.0 X Income tax payable 1.3 X