Problem 16-5 (Algo) Change in tax rate; record taxes for four years (L016-2, 16-5, 16-6] The DeVille Company reported pretax accounting income on its income statement as follows: 2021 2022 2023 2024 $375,000 295,000 365,000 405,000 Included in the income of 2021 was an installment sale of property in the amount of $38,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $15,200 in 2022, $19,000 in 2023, and $3,800 in 2024. Included in the 2023 income was $14,000 interest from investments in municipal governmental bonds. The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 023 nd beyond. Required: Prepare the year-end journal entries to record income taxes for the years 2021-2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) X Answer is not complete. No Date General Journal Debit Credit 1 Dec 31, 2021 150,000 Income tax expense Deferred tax liability Income tax payable 15,200 134,800 2 Dec 31, 2022 118,000 Income tax expense Deferred tax liability Income tax payable 6,080 124,080 3 Dec 31, 2023 Income tax expense Deferred tax liability Income tax payable 87,750 4,750 92,500 4 Dec 31, 2024 Income tax expense Deferred tax liability Income tax payable 101,250 950 102,200