Gallo Light began operations in 2021 . The compary sometimes sells used warehouses on an installinent basis. In those cases, Gollo Light reports income in its income statement in the year of the sale. In its income tax return, though, Gallo Light reports installment income by the instaliment method. Installment income in 2021 was $210.000. which Gallo Light expects to collect equally over the next thiee years. The tax rate is 25%, but based on an enacted law, is scheduled to become 30% in 2023. Gallo Lights pretax accounting income from the 2021 income statement was $834.000, which includes $44.000 of interest revenue from an inventment in municipal bonds. There were no diferences between accounting income and taxabte income other than those described above. Required: 1. Prepare the appropriate journal entry to record Gatlo Light's 2021 income taves. Show calculations. 2. What is Gallo Lights 2021 net income? (For beth requirements, round your answers to 2 decimal ploce.) Complete this question by entering vour answers in the tabs below. Wo joutral enery frequired in the first acrount find. Enter your amswers in thousands.) Journal entry worksheet Journal entry worksheet Complete this question by entering your answers in the tabs below. What is Gallo Light's 2021 net income? (Enter your answer in thousands.)