CONNECT homework Saved Help Sa D In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in 2021. The deferred portion of the rent collected in 2021 was $90 million Taxable income is $380 million in 2021. 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 in 2021. (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).) Book View transaction ist Print Journal entry worksheet erences Record 2021 Income tax expense. Note: Enter debits before credits Transaction General Journal Debit Credit C Ac raw IN