The following information is available for Blossom Corporation for 2016 (its first year of operations) 1. Excess of tax depreciation over book depreciation, $37,400. This $37,400 difference will reverse equally over the years 2017-2020 2. Deferral, for book purposes, of $18,400 of rent received in advance. The rent will be recognized in 2017 3. Pretax financial income, $308,000 4. Tax rate for all years, 40% (a) Your answer is correct. Compute taxable income for 2016 Taxable income 289000 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT VIDEO: (c) Your answer is partially correct. Try again Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, assuming taxable income of $295,000 entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense 123200 Deferred Tax Asset 7360 Deferred Tax Liability 14960 Income Tax Payable 118000