The following information is available for Metlock Corporation for $2024($its first year of operations$).$

Excess of tax depreciation over book depreciation, $$40,000.$ This $$40,000$ difference will reverse equally over the years $2025-2028$

Deferral, for book purposes, of $$21,500$ of rent received in advance. The rent will be recognized in $2025.$

Pretax financial income, $$315,900.$

Tax rate for all years, $20\%.$

Your answer is correct.

Compute taxable income for $2024.$

Taxable income

$

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for $2024.($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.$)$

Account Titles and Explanation

Debit

Credit

Income Tax Expense

Deferred Tax Asset

Income Tax Payable

eTextbook and Media

List of Accounts

Attempts: $1$ of $3$ used

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for $2025,$ assuming taxable income of $$303,600.($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.$)$

Account Titles and Explanation

Debit

Credit