IE 16-1 (Static) Based on Brief Exercise 16-1 Temporary difference [LO16-1, 16-2] A company reports pretax accounting income of $8,320,000, but because of a single temporary difference, taxable income is only $6,660,000. No temporary differences existed at the beginning of the year, and the tax rate is 19%. Required: Prepare the appropriate journal entry to record income taxes. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect