Exercise 19-20 The differences between the book basis and tax basis of the assets and liabilities of Tamarisk Corporation at the end of 2016 are presented below. Book Basis Tax Basis $52,200 Accounts receivable $0 Litigation liability 31,200 It is estimated that the litigation liability will be settled in 2017. The difference in accounts receivable will result in taxable amounts of $31,600 in 2017 and $20,600 in 2018. The company has taxable income of $378,000 in 2016 and is expected to have taxable income in each of the following 2 years. Its enacted tax rate is 34% for all years. This is the company's first year of operations. The operating cycle of the business is 2 years. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016. (Credit account 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 o for the amounts) Aocount Titles and Explanation Credit Debit