Please share detailed workings and logic for each of these adjustments.

The following information is available for Hamilton Corporation for 2022 & 2023:

1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $185,000. The differences will reverse as follows: 2023 100,000 2024 55,000 2025 30,000 2. Annual interest received on municipal bonds was $17,000 in 2022 and $22,000 in 2023.

3. Rent collected in advance on March 31, 2022, totaled $144,000 for a 3-year period. Revenue will be recognized equally over the 3-year period starting April 2022.

4. During 2022 and 2023, Hamilton paid $25,000 (annually) for a life insurance policy on its executives, with Hamilton as the beneficiary. In 2023, Hamilton received $250,000 due to the untimely passing of its CEO.

5. The tax rates are 33% for 2022 and 2023, and 35% for 2024 and beyond.

6. A contingent loss due to litigation was accrued in 2022 for $320,000. In 2023, the estimated loss was changed to $255,000. The company expects to pay the loss in 2024.

7. Pretax financial income for the year ended December 31, 2022 was $7,325,000, and $8,255,000 for the year ended December 31, 2023.

8. The company has a $16,200 credit balance in the Valuation Allowance and a beginning balance of $23,100 in the DTA account due to a temporary difference of $70,000 caused by a deferred revenues for GAAP purposes. The difference was realized equally in 2022 and 2023. The DTL account has a beginning balance of $11,550 due to a temporary difference of $35,000 that was realized in 2022.

9. Of the ending balance of the 2022 DTA account, the company believes that it is "more likely than not" that 15% will not be realized. This changed to 18% in 2023.

Instructions Assuming no other differences between book and taxable incomes existed, except for those mentioned above, prepare the year end income tax journal entries to record Income Tax Expense, Deferred Tax Asset/Liability, Income Taxes Payable and Valuation Allowance for 2022 and 2023 (separate the valuation allowance journal entry from the income tax expense journal entry).