Juan In year 1, a company collected rent revenue for the following year's 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 the year 1 amounted to $300,000 at the end of year 1. They had no temporary differences at the beginning of the year. Assuming a tax rate of 25% and year 1 income tax payable of $950,000, prepare the journal entry to record taxes:purchased a new automobile for $20,000. Juan made a cash down payment of $5,000 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate. Required: Calculate the amount of the required monthly payment.