Exercise 19-11 At the end of 2016, Swifty Company has $182,500 of cumulative temporary differences that will result in reporting the following future taxable amounts 2017 2018 2019 2020 $59,100 0,200 42,000 31,200 $182,500 Tax rates enacted as of the beginning of 2015 are: 2015 and 2016 2017 and 2018 2019 and later 40% 30% 25 % Swifty's taxable income for 2016 is $314,700. Taxable income is expected in all future years (a) Prepare the journal eqtry for Swifty to record income taxes payable, deferred income taxes, and income tax expense for 2016, assuming that there were no deferred taxes at the end of 2015. (Credit acclunt titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Account Titles and Explanation Income Tax Expense Income Tax Payable Deferred Tax Liability