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 Future

Amounts

$20212022202320242025$ Total

Accounting income $ $124$

Temporary difference:

Prepaid insurance $(28)$ $ $7$ $ $7$ $ $7$ $ $7$ $ $28$

Taxable income $ $96$

Required:

Prepare a compound journal entry to record the income tax expense for the year $2021.$