ABC Company reports $25,000 in pretax accounting income during 2021. ABC Company received a $5,000 advanced payment for IT support during 2021. Half of the advanced payment for IT support was recognized as revenue for services performed during 2021. The other half is expected to recognized as revenue during 2022. Assuming a 25% tax rate what is ABC Company's journal entry for income taxes in 2021? A. Income Tax Expense Deferred Tax Asset Income Tax Payable 6,250 625 6,875 B. Income Tax Expense Deferred Tax Liability Income Tax Payable 6,250 625 6,875 C. Income Tax Expense Deferred Tax Asset Income Tax Payable 6,875 625 7,500 D. Income Tax Expense Deferred Tax Liability Income Tax Payable 6,875 625 7,500 O A. OB. OC. OD