Brief Exercise 16-1 (Algo) Temporary difference [LO16-1, 16-2] A company reports 2021 pretax accounting income of $50 million, but because of a single temporary difference, taxable income is only $27 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 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Journal entry worksheet