Karma Company reports pretax financial income of $300,000 in each of the years 2016, 2017, and 2018. The company is subject to a 20% tax rate, and has the following differences between pretax financial income and taxable income: a. An installment sale of $48,000 in 2016 is reported for tax purposes over a 2year period at a constant amount per month beginning July 1, 2016. The entire sale is recognized for book purposes in 2018. b. Interest received by the company on state and municipal bonds is $3,000 in 2017 and 2018. This is not recognized as revenue for tax purposes, but is recognized for book purposes. Instructions Prepare the necessary calculations and make the journal entries to record income taxes for Karma Company for 2016, 2017, and 2018.