o . Gross profit on installment sales recorded on the books was $400,000. Gross profit from collections of installment receivables was $250,000. Life insurance on officers was $3,100. Machinery was acquired in January for $230,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Wildhorse may deduct 14% for 2021. Interest received on tax exempt lowa State bonds was $8,100. The estimated warranty liability related to 2021 sales was $21,200. Repair costs under warranties during 2021 were $12,900. The remainder will be incurred in 2022 Pretax financial income is $540,000. The tax rate is 20%. . . . Prepare the journal entry to record income taxes for 2021. (Credit account titles are automatically indented when amou is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense Deferred Tax Asset Deferred Tax Liability Income Tax Payable