Return 1 A company reports 2021 pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only $7 million. No temporary differences existed at the beginning of the year, and the tax rate is 25%. 10 points Prepare the appropriate journal entry to record income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) X Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 Income tax expense 2,500,000.00 Income tax payable Deferred tax liability 1,750,000.00 750,000.00 X