Exercise 16-28 (Algo) Multiple tax rates (L016-2, 16-5, 16-6) 6 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 $480,000 and will be collected over the next three years Scheduled collections and enacted tax rates for 2022-2024 are as follows 01:50:51 2022 2023 2024 $100,000 $270, eee $110, eee 20% 30% 305 Book Hint Pretax accounting income for 2021 was $614,000, which includes interest revenue of $24,000 from municipal governmental bonds. The enacted tax rate for 2021 is 20% Assume that the future change in tax rate is known in 2021 Fences 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 2021 income taxes. 2. What is Case's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Help Sove & Exit Submit 6 Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case's 2021 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 whole dollars.) View transaction list Journal entry worksheet 01:50:32 1 Book Record 2021 income taxes. int rences Note: Enter debit before credits General Journal Debit Credit Event 1 IE Now *** 6 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 2021 income taxes 2. What is Case's 2021 net income? Complete this question by entering your answers in the tabs below. 01:50:17 Required 1 Required 2 What is Case's 2021 net income? Took Net income rence