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The following information is available for Tamarisk Corporation for $2024($its first year of operations$).$

Excess of tax depreciation over book depreciation, $$42,400.$ This $$42,400$ difference will reverse equally over the years $2025-2028.$

Deferral, for book purposes, of $$20,300$ of rent received in advance. The rent will be recognized in $2025.$

Pretax financial income, $$272,300.$

Tax rate for all years, $30\%.$

Your answer is partially correct.

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for $2025,$ assuming taxable income of $$345,800.($List all debit entries before credit entries. 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

$$

$$

$$

$$

$$

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