The following information is available for the first three years of operations for Blossom Company: 1. Year 2020 2021 2022 Taxable Income $510,000 360,000 410,000 2. On January 2, 2020, heavy equipment costing $610,000 was purchased. The equipment had a life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below: 2020 $201,300 Tax Depreciation 2021 2022 2023 $274,500 $91,500 $42,700 Total $610,000 3. On January 2, 2021, $303,000 was collected in advance for rental of a building for a three-year period. The entire $303,000 was reported as taxable income in 2021, but $202,000 of the $303,000 was reported as unearned revenue at December 31, 2021 for book purposes. The enacted tax rates are 20% for all years. 4. Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2021. (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 for the amounts.) Debit Credit Account Titles and Explanation Income Tax Expense Deferred Tax Asset Deferred Tax Liability Income Tax Payable