In $2024,$ Ryan Management collected rent revenue for $2025$ tenant occupancy. For financial reporting, the rent is recorded as deferred

revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when

collected in $2024.$ The deferred portion of the rent collected in $2024$ was $$114\mathrm{.}0$ million. The tax rate is $25\%.$ Suppose the deferred

portion of the rent collected was $$56$ million at the end $2025.$ Taxable income is $$460$ million.

Prepare the appropriate journal entry to record income taxes in $2025.$

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

in millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$

Journal entry worksheet

$1$

Record the income tax expense for $2025.$

Note: Enter debits before credits.