The following information is available for Cullumber Corporation for 2025. 1. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $124,000. This difference will reverse in equal amounts of $31,000 over the years 2026-2029. 2. Interest received on municipal bonds was $9,900. 3. Rent collected in advance on January 1, 2025, totaled $55,500 for a 3-year period. Of this amount, $37,000 was reported as unearned at December 31, 2025, for book purposes. 4. The tax rates are 20% for 2025 and 17% for 2026 and subsequent years. 5. Income taxes of $149,000 are due per the tax return for 2025 . 6. No deferred taxes existed at the beginning of 2025 . Your answer is correct. Compute taxable income for 2025. Taxable income for 2025 $ (b) Your answer is correct. Compute pretax financial income for 2025. Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2025 and 2026. Assume taxable income was $372,000 in 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 2025 Income Tax Expense Deferred Tax Asset Income Tax Payable Deferred Tax Liability 2026 Income Tax Expense Deferred Tax Liability. Income Tax Payable Deferred Tax Asset