a) Lowmax Corp. had pretax financial (book) income in Year 1 of $90,000. Rent received in advance of $4,000 (which will be earned in Year 2), was not included in book income but is includable as taxable income. Year 2 book income (including the $4,000 for Rent Revenue) is $80,000. Assuming a 30% tax rate for both years, prepare the journal entries to record taxes for the two years. Date Account Title Debit Credit Year 1 Year 2