Exerclse 16.6 (Algo) Temporary dlfference; Income tax payable glven [LO16.3] In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For Income tax reporting, the rent is taxed when collected. For financlal statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the perlod tenants occupy the rental property. The deferred portlon of the rent collected in 2021 amounted to $370,000 at December 31,2021 . DFS had no temporary dlifferences at the beginning of the year. Required: Assuming an income tax rate of 25% and 2021 income tax payable of $920,000, prepare the journal entry to record income taxes for 2021. (If no entry is required for a transactlon/event, select "No journal entry required" in the first account field.)