In December $2022,$ J$-$Matt, Inc. collected rent in advance from tenants who will begin occupying the rental space in

January $2023.$ For financial reporting purposes, J$-$Matt recorded the rent as deferred revenue when received in $2022$

and will record the rent as revenue in January $2023$ when the tenants occupy the rental space. For tax reporting, the

rent is taxable in $2022$ when collected. The deferred portion of the rent collected in $2022$ was $$54$ million. Taxable

income is $$200$ million in $2022.$ No temporary differences existed at the beginning of the year, and the tax rate is

$25\%.$

Prepare the appropriate journal entry to record J$-$Matt's provision for income taxes in $2022.($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$.,5,000,000$ should be entered as $5\mathrm{.}0$ and $5,500,000$ should be entered as

$5\mathrm{.}5).)$

Journal entry worksheet

Record $2022$ income tax expense.

Note: Enter debits before credits.n December $2022,$ J$-$Matt, Inc. collected rent in advance from tenants who will begin occupying the rental space in January $2023.$ For financial reporting purposes, J$-$Matt recorded the rent as deferred revenue when received in $2022$ and will record the rent as revenue in January $2023$ when the tenants occupy the rental space. For tax reporting, the rent is taxable in $2022$ when collected. The deferred portion of the rent collected in $2022$ was $$54$ million. Taxable income is $$200$ million in $2022.$ No temporary differences existed at the beginning of the year, and the tax rate is $25\%.$

Prepare the appropriate journal entry to record J$-$Matt's provision for income taxes in $2022.($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$.,5,000,000$ should be entered as $5\mathrm{.}0$ and $5,500,000$ should be entered as $5\mathrm{.}5).)$