please solve for the journal entry and show your work. The Income Tax Payable answer is already given. The Income Tax Payable equals 55,200

For the year, Raleigh Corporation had pretax GAAP income of $300,000 and an income tax rate of 25%. Raleigh had a $6,000 credit balance in its Deferred Tax Liability account on January 1, and a zero balance in its Deferred Tax Asset account on January 1. The company summarized the following items for the year. - Depreciation for accounting purposes, $96,000, and for income tax purposes, $132,000. The related fixed asset was acquired for $480,000 at the beginning of the year and had an estimated 5 -year life at that time. - Installment sales revenue for accounting purposes was $96,000, and for income tax purposes, $48,000. The collection period for the $48,000 receivable is the following four years with equal amounts expected each year. - Payment of life insurance premiums on executive officers totaled $4,800 in the year. a. Compute the increase in income tax payable on December 31. - Note: Use a negative sign for items subtracted in the following statement. b. Record the income tax journal entry required on December 31. For the year, Raleigh Corporation had pretax GAAP income of $300,000 and an income tax rate of 25%. Raleigh had a $6,000 credit balance in its Deferred Tax Liability account on January 1, and a zero balance in its Deferred Tax Asset account on January 1. The company summarized the following items for the year. - Depreciation for accounting purposes, $96,000, and for income tax purposes, $132,000. The related fixed asset was acquired for $480,000 at the beginning of the year and had an estimated 5 -year life at that time. - Installment sales revenue for accounting purposes was $96,000, and for income tax purposes, $48,000. The collection period for the $48,000 receivable is the following four years with equal amounts expected each year. - Payment of life insurance premiums on executive officers totaled $4,800 in the year. a. Compute the increase in income tax payable on December 31. - Note: Use a negative sign for items subtracted in the following statement. b. Record the income tax journal entry required on December 31