J-Matt, Inc., had pretax accounting income of $307,000 and taxable income of $328,000 in 2021. The only difference between accounting and taxable income is estimated product warranty costs of $21,000 for sales in 2021 . Warranty payments are expected to be in equal amounts over the next three years (20222024) and will be tax deductible at that time. Recent tax legislation will change the tax rate from the current 25% to 20% in 2023. Determine the amounts necessary to record J-Matt's income taxes for 2021 and prepare the appropriate journal entry. Complete this question by entering your answers in the tabs below. Determine the amounts necessary to record J-Matt's income taxes for 2021. Matt, inc, had pretax accounting income of $307,000 and taxable income of $328,000 in 2021. The only difference between accounting and taxable income is estimated product warranty costs of 521,000 for sales in 2021. Wartanty payments are expected to be in equal amounts over the next three years (20222024) and will be tax deductible at that time. Recent tax legislation will change he tax rate from the current 25% to 20% in 2023. Determine the amounts necessary to record J-Matt's income taxes for 2021 and prepare the appropriate journal entry, Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry. (Do not round intermediate calculations. If no entry is required for a transaction/event, select 'No journal entry required of in the first accopant freld.)