NOTE: There are two parts to this question: a journal entry (requirement 1) and the net income (requirement 2). Please read question below.

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry to record Patterson's 2021 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet 1 > Record the income taxes. Note: Enter debits before credits. Debit Credit Transaction 1 General Journal Income tax expense Income tax payable Deferred tax liability Record entry Clear entry View general journal Patterson Development sometimes sells property on an installment basis. In those cases, Patterson reports income in its income statement in the year of the sale but reports installment income by the installment method on the tax return. Installment income in 2021 was $240 million, which Patterson expects to collect equally over the next four years. The tax rate is 25%, but based on an enacted law, is scheduled to become 35% in 2023. Patterson's pretax accounting income for the 2021 income statement was $650 million. Of this amount, $54 million is non-taxable revenue from proceeds of a life insurance policy. There were no differences between accounting income and taxable income other than those described above and no cumulative temporary differences existed at the beginning of the year. Required: 1. Prepare the appropriate journal entry to record Patterson's 2021 income taxes. 2. What is Patterson's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is Patterson's 2021 net income? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Net income