on an Light reports income in Its method. Installment n 2018 was $90,000, which Gallo Light expects to collect equally over the next on an enacted law, is scheduled to become 35% in 2020. 2. What is Gallo Light's 2018 net income? tax payabe income by the installment method. Installment income in 2018 was $90000, which Gallo Light expects to collect equally over the next three years. The tax rate is 30%, but based on an enacted law, is scheduled to become 35% in 2020. Gallo Light's pretax accounting arded from an bonds. There were no differences between accounting income and texable income other than those 1. Prepare the appropriate journal entry to record Gallo Light's 2018 Income taxes 2. What is Gallo Light's 2018 net income