R.S. reported pre-tax accounting income in 2017, 2018, and 2019 of $80 million, plus an additional 2018 income of $50 million from installment sales of property. However, the installment sales income is reported on the tax return when collected, in 2018 ($20 million) and 2019 ($30 million). The enacted tax rate is 40% each yr. Prepare the table calculating the annual tax payable for each yr. Prepare the journal entry for each yr.

 Current yr                              Future Taxable amounts                                  Future Taxable Amount (total)

 201                                                       2018                                                            2019

Pretax accounting income:

Temporary difference:

Installment income

Taxable income (tax return)

Enacted tax rate:

Tax payable currently: