Aquafena Inc. recognized taxable income of $100,000 for the year ended December 31. Aquafena calculated a deferred tax asset and a deferred tax liability of $12,000 and $8,000, respectively, on December 31. The tax rate is 25%. Assume zero beginning balances in deferred tax accounts.Recording Income Tax Expense Aquafena Inc. recognized taxable income of $100,000 for the year ended December 31. Aquafena calculated a deferred tax asset and a deferred tax liability of $12,000 and $8,000, respectively, on December 31. The tax rate is 25%. Assume zero beginning balances in deferred tax accounts. Required a. Determine the increase in income tax payable on December 31. $Answer 1 25000 b. Prepare the income tax expense journal entry on December 31