Dijon Company has the following information related to its operations during 2021: The firm completed five contracts for customers. The contracts are for $60,000 each for a total of $300,000 and the customers will pay back the contract in equal installments over four years starting in the first year. Municipal bond interest revenue was $42,000. The firm received $250,000 for magazine subscriptions all of which will be will be issued during 2021. Pretax financial income is $750,000 The tax rate is 20% for all years. Required: 1. Calculate taxable income for 2021. 2. Prepare the journal entry to record income taxes for 2021. 3. Assuming financial income in 2022 is $600,000 and that there are no new temporary or permanent differences that year, prepare the journal entry to record income taxes for 2022