For the year ended December 31, 2019, Obley, Inc.'s income statement showed income of $500,000 before income tax expense. To following differences were noted that will impact taxable income. Income from tax-exempt municipal bonds $ 50,000 MACRS depreciation deducted for tax purposes in excess of straight-line depreciation $75,000 Proceeds received from life insurance on the death of an insured employee $100,000 The corporate tax rate for 2019 and future periods is 30%. Required: 1. Prepare the income tax entry for the end of 2019. On January 1, 2018, Hogan Corporation began recognizing revenues from all sales under the accrual method for financial reporting purposes and under the installment sales method for income tax purposes. Hogan reported the following amounts for income in 2018 and 2019: Year Pretax financial Taxable income using statement income installment sales using accrual method method 2018 $ 700,000 $ 500,000 2019 1,100,000 700,000 The enacted tax rate for both 2018 and 2019 and future years is 30%. Hogan has no other timing differences. Required 1. Prepare the income tax journal entry for each year