Question 10 The following information is available for Blossom Corporation for 2016 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $36,800. This $36,800 difference will reverse equally over the years 2017-2020 2. Deferral, for book purposes, of $18,300 of rent received in advance. The rent will be recognized in 2017. 3. Pretax financial income, $320,500. 4. Tax rate for all years, 40%. Compute taxable income for 2016. Taxable income 302000 LINK TO TEXT LINK TO TEXT VIDEO SIMILAR EXERCISE 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 amou entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Tities and Explanation Credit Debit 128200 Income Tax Expense Deferred Tax Asset 128200 Income Tax Payable Deferred Tax Liability Prepare the journal entry to record income tax expense, deferred Income taxes, and income taxes payable for 2017, assuming taxable income of $299,000. (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 for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense 7400 Deferred Tax Liability Income Tax Payable Deferred Tax Asset Click if you would like to Show Work for this question: Open Show Work