The following information is for Hulk Gyms' first year of operations. Amounts are in millions of dollars. The enacted tax rate is 25%. Year Future Taxable Amounts 2022 2023 2024 2025 Future Amounts Total 2021 $268 Accounting income Temporary difference: Prepaid insurance Taxable income $16 $16 $16 $16 $64 (64) $204 Required: Prepare a compound journal entry to record the income tax expense for the year 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (for example, 10 rather than 10,000,000.) View transaction list Journal entry worksheet Record the income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal The following information is for Hulk Gyms' first year of operations. Amounts are in millions of dollars. The enacted tax rate is 25%. Year Future Taxable Amounts 2022 2023 2024 2025 Future Amounts Total 2021 $268 Accounting income Temporary difference: Prepaid insurance Taxable income $16 $16 $16 $16 $64 (64) $204 Required: Prepare a compound journal entry to record the income tax expense for the year 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions, (for example, 10 rather than 10,000,000.) View transaction list Journal entry worksheet Record the income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal