Case Development began operations in December 2021. 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. 2021 installment income was $600,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 20222024 are as follows:

2022	$140,000	20%
2023	$260,000	25%
2024	$200,000	25%

Pretax accounting income for 2021 was $810,000, which includes interest revenue of $10,000 from municipal governmental bonds.

The enacted tax rate for 2021 is 20%.

Required:

1. Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal

entry to record Cases 2021 income taxes.

2. What is Cases 2021 net income?