The following information is available related to accounting for income taxes for Year 3. Deferred Tax Asset $1,000 Deferred Tax Liability 1/1 Year 3 $2,000 $4,000 12/31 Year 3 Taxable income for Year 3 is $50,000 and the current tax rate is 21%. What is the correct journal entry? $6,500 INCOME TAX EX. current 10,500 INCOME TAX EX. deferred 1,500 DEFERRED TAX ASSET 3,000 DEFEREED TAX LIABILITY 4,500 INCOME TAX PAYABLE 10,500 1.500 INCOME TAX EX. deferred DEFERRED TAX ASSET DEFEREED TAX LIABILITY INCOME TAX PAYABLE 1,500 3,000 4,500 10,500 INCOME TAX EX. current 1,500 INCOME TAX EX. deferred 10,500 DEFERRED TAX ASSET 3,000 DEFEREED TAX ASSET 4,500 INCOME TAX PAYABLE 10,500 INCOME TAX EX. current 50,500 INCOME TAX BENEFIT 1,500 DEFERRED TAX LIABILITY 4,500 DEFEREED TAX ASSET 3,000 INCOME TAX PAYABLE 50,000 INCOME TAX EX. current 10,500 INCOME TAX EX. deferred 2,500 DEFERRED TAX ASSET 4,000 DEFEREED TAX ASSET 6,500 INCOME TAX PAYABLE 10,500 1 pts For the year ended December 31, Year 1, a company reported pretax financial income of $160,000 and taxable income of $140,000. The tax rate for Year 1 is 40% and for future years is 30%. What amount should this company report as the current portion of income tax expense? O $42,000 O $64,000 O $48,000 $56,000