Exercise 16-21 (Algo) Multiple temporary differences; record income taxes (L016-2, 16-3] The information that follows pertains to Esther Food Products: a. At December 31, 2021, temporary differences were associated with the following future taxable (deductible) amounts: Depreciation Prepaid expenses Warranty expenses $ 50,000 21,000 (10,000) b. No temporary differences existed at the beginning of 2021 C. Pretax accounting income was $71,000 and taxable income was $18,000 for the year ended December 31, 2021. d. The tax rate is 25%. Required: Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2021. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. General Calculation Journal Complete the following table given below to record income taxes for 2021. (Negative amounts should be entered with a minus sign.) Tax Rate Tax 5 Recorded as: $ 71,000 X 8.000 79,000 25% $ 19.750 Income tax expense Pretax accounting income Permanent differences No temporary differences Income subject to taxation Temporary Derences Depreciation Prepaid expenses Warranties Income taxable in current year (50.000) (21.000) 10,000 $ 18,000 25% 25% 25% 25% $ (12,500)Deferred tax lability $ (5.250) Deferred tax liability $ 2.500 Deferred tax asset $ 4.500 Income tax payable soolo x Calculation General Journal Prepare the appropriate journal entry to record income taxes for 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Transaction General Journal Debit Credit 1 Income tax expense 19.750 Deferred tax asset 2,500X Income tax payable 4.500 Deferred tax lability 17.750 1 OOOO