accounting

In 2016, Ryan Management collected rent revenue for 2017 tenant occupancy. For nancial 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 2016 was $90 million. Taxable income is $240 million. No temporary differences existed at the beginning of the year. and the tax rate is 40%. Prepare the appropriatejournal entry to record income taxes. (If no entry is required for a particular 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).) View transaction list Journal entry worksheet Record 2016 income tax expense. Note: Enter debits before credits