On December 31, Delta Inc. recorded $28,000 of deferred revenue (a liability) on customer deposits received in advance of the satisfaction of performance obligations. However, this amount is taxable during the year when cash was received. Assume a tax rate of 25% and pretax GAAP income of $160,000 for the year. Record the income tax journal entry on December 31. Assume zero beginning balances in deferred tax accounts and there are no other differences between accounting and tax incomes. Date Account Name Dr. Cr. Dec. 31 Deferred Tax Liability Answer Answer Answer To record income tax journal entry