Case Development began operations in December 2018. When property is sold on an installment basis, Case recognizes installment income for financial reporting purposes in the year of the sale. For tax purposes, installment income is reported by the installment method. 2018 installment income was $680,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 2019-2021 are as follows: 2019 2020 2021 $150,000 30% 370,000 40 160,000 40 Pretax accounting income for 2018 was $924,000, which includes interest revenue of $34,000 from municipal bonds. The enacted tax rate for 2018 is 30%. Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case's 2018 income taxes. 2. What is Case's 2018 net income? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case's 2018 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 thousands.) No Event General Journal Credit Debit 285,000 Income tax expense Deferred tax liability Income tax payable 225,000 X 60,000 X Required 1 Required 2 >