Gallo Light began operations in 2024. The company sometimes sells used warehouses on an Installment basis. In those cases, Gallo 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 installment method. Installment income in 2024 was $390,000, which Gallo Light expects to collect equally over the next three years. The tax rate is 25%, but based on an enacted law, is scheduled to become 30% in 2026 . Gallo Light's pretax accounting income from the 2024 income statement was $840,000, which includes $50,000 of interest revenue from an investment in municipal bonds. There were no differences between accounting income and taxable income other than those described above. Required: 1. Prepare the approprlate journal entry to record Gallo Light's 2024 income taxes. 2. What is Gallo Light's 2024 net Income? Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry to record Gallo Light's 2024 income taxes. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands rounded to 2 decimal place (i.e., 5,500 should be entered as 5.50). Journal entry worksheet Note: tnter aedits derore creaits