Kara Fashions uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. Three years after its purchase, one of Kara's buildings has a book value of $470,000 and a tax basis of $320,000. There were no other temporary differences and no permanent differences. Taxable income was $6 million and Kara's tax rate is 35% What is the deferred tax liability to be reported in the balance sheet? Assuming that the deferred tax liability balance was $43,000 the previous year, prepare the appropriate journal entry to record income taxes this year. Complete this question by entering your answers in the tabs below. Balance Sheet General Journal Assume that the deferred tax liability balance was $43,000 the previous year. Prepare the appropriate journal entry to record income taxes this year. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record Income tax expense. die hafnarradets Hels View transaction list Journal entry worksheet Record income tax expense. Note: Enter debits before credits. Event Debit Credit General Journal Income tax expense pas Deferred tax liability Income tax payable 2,100,000 Record entry Clear entry View general journal