Pilsen Optics, Inc. began business in 2022 and billed but did not collect $570,000 in revenue. Assume that Pilsen 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 40%, and Pilsen will pay any income taxes due in 2023. What journal entries are required to record both the revenues and the related income tax expense in 2022? What accounts and amounts will Pilsen report on its balance sheet? What journal entries are required to record both the revenues and the related income tax expense in 2022? Begin by preparing the journal entry to record revenues in 2022 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 Accounts Receivable Sales Revenue 2022 570000 570000 possible Pilsen Optics, Inc. began business in 2022 and billed but did not collect $570,000 in revenue. Assume that Pilsen 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 40%, and Pilsen will pay any income taxes due in 2023. What journal entries are required to record both the revenues and the related income tax expense in 2022? What accounts and amounts will Pilsen report on its balance sheet? Next, record the journal entry related to income tax expense in 2022 Account Income Tax Expense Income Taxes Payable December 31, 2022 228000 What accounts and amounts will Pilsen ranort on its balance sheet? 228000 possible Pilsen Optics, Inc. began business in 2022 and billed but did not collect $570,000 in revenue. Assume that Pilsen 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 40%, and Pilsen will pay any income taxes due in 2023. What journal entries are required to record both the revenues and the related income tax- expense in 2022? What accounts and amounts will Pilsen report on its balance sheet? Income Tax Expense Income Taxes Payable 228000 228000 What accounts and amounts will Pilsen report on its balance sheet? accounts receivable Pilsen will report and notes payable of of 570000 income taxes payable of 175000