Brief Exercise 16-4 (Algo) Temporary difference (L016-1, 16-3] A company reports pretax accounting income of $28 million, but because of a single temporary difference, taxable income is $30 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 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet Record income tax expense. Note: Enter debits before credits. Transaction General Journal Debit Credit 1