In $2024,$ DFS Medical Supply collected rent revenue for $2025$ tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in $2024$ amounted to $$430,000$ at December $31,2024.$ DFS had no temporary differences at the beginning of the year.

Required:

Assuming an income tax rate of $25\%$ and $2024$ income tax payable of $$980,000,$ prepare the journal entry to record income taxes for $2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record $2024$ income taxes.

Note: Enter debits before credits.

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