Recording Income Tax Expense Aquafena Inc. recognized taxable income of $200,000 for the year ended December 31, 2020. Aquafena calculated a deferred tax asset and a deferred tax liability of $24,000 and $16,000, respectively, on December 31, 2020. The tax rate is 25%. Assume zero beginning balances in deferred tax accounts. a. Determine the increase in income tax payable on December 31, 2020. $ 9,000 x b. Prepare the income tax expense journal entry on December 31, 2020. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Date Account Name Dec. 31, 2020 Deferred Tax Asset Income Tax Expense Deferred Tax Liability Income Tax Payable Dr. 24,000 Cr. 42,000 0 16,000 50,000