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E19-19 (L01,2,4) OTwo Temporary Differences, Multiple Rates, Future Income) Nadal Inc. has two emporary differences the end of first stems from installment sales, and the second one results from the a relate accounting department has developed schedule taxable and deductible these temporary differences as follows. 2017 2018 2010 2020 $80,000 $60,000 $40,000 $50,000 Taxable amounts (19 Deductible amounts $40,000 $35,000 0,000 $41,000 As of the beginning of 2016, the enacted tax rate is 34% for 2016 and 2017, and 38% for 2018-2021. At the beginning of 2016, the company had no deferred income taxes on its balance sheet. Taxable income for2016 is$500,000. Taxable income is expected in all future years. Instructions (a) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016. (b) Indicate how deferred income taxes would be classified on the balance sheet at the end of 2016