In 2018, DFS Medical Supply collected rent revenue for 2019 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 income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018 amounted to $420,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year. ipped Required: Assuming an income tax rate of 40% and 2018 income tax payable of $970,000, prepare the journal entry to record income taxes for 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Book Journal entry worksheet Hint Print Record 2018 income taxes. erences Note: Enter debits before credits. Event General Journal Debit Credit Prey 6 of 14 HH! Next >