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.) * Answer is complete but not entirely correct. No Date General Journal 1 Dec 31, 2021 Income tax expense Income tax payable Deferred tax liability Debit Credit 172,000 147,200 24,800 2 Dec 31, 2022 Income tax expense Deferred tax liability Income tax payable 140,000 x 9,920 x 149,920 3 Dec 31, 2023 Income tax expense 98,500 Deferred tax liability 7,750 Income tax payable 106,250 4 Dec 31, 2024 Income tax expense Deferred tax liability Income tax payable 115,000 1,550 116,550 Problem 16-5 (Algo) Change in tax rate; record taxes for four years [LO16-2, 16-5, 16-6] The DeVille Company reported pretax accounting income on its income statement as follows: 2021 2022 2023 2024 $430,000 350,000 420,000 460,000 Included in the income of 2021 was an installment sale of property in the amount of $62,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $24,800 in 2022, $31,000 in 2023, and $6,200 in 2024. Included in the 2023 income was $26,000 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 2023 and 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.) > Answer is complete but not entirely correct. No Date General Journal 1 Dec 31, 2021 Income tax expense Income tax payable Deferred tax liability Debit 172,000 Credit 147,200 24.800