In Year 1, a company collected rent revenue for Year 2 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 Year 1 amounted to $440,000 at December 31 , Year 1. The company had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of 25% and Year 1 income tax payable of $990,000, prepare the journal entry to record income taxes for Year 1. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record Year 1 income taxes