Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016.

The following information is available for Crane Corporation for 2016 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2017-2020. 2. Deferral, for book purposes, of $21,500 of rent received in advance. The rent will be recognized in 2017. Pretax financial income, $315,900. 4. Tax rate for all years, 40%. Compute taxable income for 2016. Taxable income 297,400 SHOW LIST OF ACCOUNTS Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense Deferred Tax Asset Deferred Tax Liability Income Tax Payable SHOW LIST OF ACCOUNTS Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, assuming taxable income of $303,600. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) arch O 8:25 PM 7/5/2020