Ryder Corporation would have had identical income before taxes on both its income tax return and financial income statements for the years 2023 through 2026 except for two differences. The first difference is the depreciation on a piece of equipment. The asset cost $200,000 and will be depreciated for income tax purposes in the following manner: \begin{tabular}{rr|} \hline 2023 & $60,000 \\ \hline 2024 & $80,000 \\ \hline 2025 & $40,000 \\ \hline 2026 & $20,000 \\ \hline Total & $200,000 \\ \hline \end{tabular} For book purposes the equipment has a four-year life beginning January 1, 2023 and no residual 16 value. The straight-line method is used for financial reporting. 17 18 The second difference, is a $40,000 fine by the Occupational Safety and Health Administration (OSHA). 19 The fine was assessed and paid in 2023 by Ryder Corporation. The fine is not allowed as a tax 20 deduction. 26 Assume the income tax rate for 2023 and 2024 was 30\%. During 2024, however, tax legislation 27 was passed into law that raised the tax rate to 40% beginning in 2025 . The 40% rate remained 28 in effect for years 2025 and 2026. Year-end is December 31 st for both book and taxi 29 30 REQUIRED: 1) Record the journal entry to record income tax expense for 2023, 2024, 2025, an 2) Identify the deferred tax account balance at the end of 2023, 2024, 2025, and 20 3) Calculate the effective tax rate for 2023, 2024, 2025, 2026