Problem 16-4 (Algo) Change in tax rate; record taxes for four years [LO16-2, 16-6] Zekany Corporation would have had identical income before taxes on both its income tax returns and income statements for the years 2021 through 2024 except for differences in depreciation on an operational asset. The asset cost $300,000 and is depreciated for income tax purposes in the following amounts: 2021 2022 2023 2024 $ 99,000 132,000 45,000 24,000 The operational asset has a four-year life and no residual value. The straight-line method is used for financial reporting purposes. Income amounts before depreciation expense and income taxes for each of the four years were as follows: Accounting income before taxes and depreciation 2021 2022 $ 160,000 $180,000 2023 2024 $170,000 $170,000 Assume the income tax rate for 2021 and 2022 was 30%; however, during 2022, tax legislation was passed to raise the tax rate to 40% beginning in 2023. The 40% rate remained in effect through the years 2023 and 2024. Both the accounting and income tax periods end December 31. Required: Prepare the journal entries to record income taxes for the years 2021 through 2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Credit Debit 25,500 1 Dec 31, 2021 Income tax expense Deferred tax liability Income tax payable 18,300 X 7,200 X 2 Dec 31, 2022 39,600 Income tax expense Deferred tax liability Income tax payable 14,400 X 25,200 X 3 Dec 31, 2023 Income tax expense Deferred tax liability Income tax payable 38,000 12,000 50,000 4 Dec 31, 2024 Income tax expense Deferred tax liability Income tax payable 38,000 20,400 58,400