Otis Optics, Inc. began business in 2018 and billed but did not collect $500,000 in revenue. Assume that Otis did not incur any expenses during the year. This sales transaction is treated identically for both book and income tax purposes. The tax rate is 35%, and Otis will pay any income taxes due in 2019. What journal entries are required to record both the revenues and the related income tax expense in 2018? What accounts and amounts will Otis report on its balance sheet? C... What journal entries are required to record both the revenues and the related income tax expense in 2018? Begin by preparing the journal entry to record revenues in 2018. Do not record the entry for income tax expense. We will do that in the next step. (Record debits first, then credits. Exclude explanations from any journal entries.) Account 2018