Taxable income and pretax financial income would be identical for Sheffield Co. except for its treatments of gross profit on installment sales and estimated costs of warranties. The following income computations have been prepared. Taxable income 2024 2025 2026 Excess of revenues over expenses (excluding two temporary differences) $154,000 $191,000 $88,100 Installment gross profit collected 8,500 8,500 8,500 Expenditures for warranties Taxable income (4,500) (4,500) (4,500) $158,000 $195,000 $92.100 Pretax financial income 2024 2025 2026 Excess of revenues over expenses (excluding two temporary differences) $154,000 $191,000 $88,100 Installment gross profit recognized 25,500 -0- -0- Estimated cost of warranties (13,500) -0- -0- Income before taxes $166,000 $191,000 $88,100 The tax rates in effect are 2024, 20%; 2025 and 2026,25%. All tax rates were enacted into law on January 1, 2024. No deferred income taxes existed at the beginning of 2024. Taxable income is expected in all future years. Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2024, 2025, and 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit . 31, 2024 Income Tax Expense Deferred Tax Asset Income Tax Payable Deferred Tax Liability : 31, 2025 Income Tax Expense Deferred Tax Liability Income Tax Payable Deferred Tax Asset : 31, 2026 Income Tax Expense Deferred Tax Liability Income Tax Payable Deferred Tax Asset 47750 22025 2125 48750 1125 23025 1125