The following information is available for Headland Corporation for 2019 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2020-2023. 2. Deferral, for book purposes, of $19,800 of rent received in advance. The rent will be recognized in 2020. 3. Pretax financial income, $303,400. 4. Tax rate for all years, 20%. Your answer is partially correct. Try again. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019. (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.) Account Titles and Explanation Debit Credit Income Tax Expense 121,360 Deferred Tax Asset 7,920 X Deferred Tax Liability 16,000 Income Tax Payable 113,280