Simple Deferred Tax Liability: The company had sales for the year of $100,000. Of these sales, only $70,000 was collected in cash. The other $30,000 is expected to be collected in cash next year. For this business, the tax rules stipulate that income is not taxed until it is collected in cash. The only expense is income tax expense and the rate is 35% this year and in all future years. Make all journal entries necessary to record income tax expense for the year.