The DeVille Company reported pretax accounting income on its income statement as follows: 2021 2022 2023 2024 $350,000 270,000 340,000 380,000 Included in the income of 2021 was an installment sale of property in the amount of $50,000. However, for tax purposes, DeVille 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 for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond. 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.) X Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 Dec 31, 2021 Income tax expense 140,000 Income tax payable Deferred tax liability 120,000 20,000 2 Dec 31, 2022 Income tax expense 108,000 8,000 Deferred tax liability Income tax payable 116,000 3 Dec 31, 2023 Income tax expense 130,000 X 10,000 X Deferred tax liability Income tax payable 140,000 X 4 Dec 31, 2024 Income tax expense 152,000 2,000 Deferred tax liability Income tax payable 154,000 X