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Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2017-2020 are as follows: 2022 Service Revenue S6 ,00 288. 705,000 730,000 Collections $653,000 795,00 215.00 750.00 Dretax Accounting Income $220,000 285,00 255.0 235, There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 40% Hint You may find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2017- 2020) Required: 1. Prepare the appropriate journal entry to record Alsup's 2018 income taxes, Alsup's 2019 income taxes and Alsup's 2020 income taxes if no entry is required for a transaction/event, select "No journal entry required in the first account feld. Enter your answers in thousands) equired: Prepare the appropriate journal entry to record Alsup's 2018 income taxes, Alsup's 2019 income taxes and Alsup's 2020 in sxes. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Enter you answers in thousands.) Answer is complete but not entirely correct. No Event General Journal Debit Credit 114.000 x Income tax expense Deferred tax liability Income tax payable 6,000 120.000 X 102.000 Income tax expense Deferred tax liability Income tax payable OOO OOO OOO 90,000 X 12,000 04.000 x Income tax expense Deferred tax liability Income tax payable 12000 x 106,000 Alsup Consulting sometimes performs services for which it receives payment after services commence. Alsup recognizes service revenue for financial rep! purposes, revenue is reported when fees are collected. Service revenue, coll are as follows: 2017 2018 2019 2020 Service Revenue $688,000 780,000 745,000 730,000 Collections $653,000 795,000 715,000 760,000 Pretax Accounting Income $220,000 285,000 255,000 235,000 There are no differences between accounting income and taxable income o enacted tax rate for each year is 40%. (Hint: You may find it helpful to prepare a schedule that shows the balances 2020.) Required: 1. Prepare the appropriate journal entry to record Alsup's 2018 income taxes taxes. (If no entry is required for a transaction/event, select "No journal er answers in thousands.)