The following Information is avallable for Blue Corporation for $2024($Its first year of operatlons$).$

Excess of tax depreclation over book depreclation, $$37,200.$ Thls $$37,200$ difference will reverse equally over the years

$2025-2028.$

Deferral, for book purposes, of $$21,400$ of rent recelved in advance. The rent will be recognized in $2025.$

Pretax financlal income, $$274,100.$

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

$($a$)$

Your answer ls correct.

Compute taxable income for $2024.$

Taxable income $

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Attempts: $1$ of $3$ used

$($b$)$

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