The Company reported pretax accounting income on its income statement as follows:

2021 $350,000

2022 270,000

2023 340,000

2024 380,000

Included in the income of 2021 was an installment sale of property in the amount of $50,000. However, for tax purposes, the Company reported the income in the year cash was collected. Cash collected on the installment sale was $20,000 in 2022, $25,000 in 2023, and $5,000 in 2024.

Included in the 2023 income was $15,000 interest from investments in municipal governmental bonds.

The enacted tax rate is 40%.

Required:

Prepare the year-end journal entries to record income taxes for the years 20212024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)