The following information is for James Industries' first year of operations. Amounts are in millions of dollars. Year Future Taxable Amounts Accounting income $ 2020 70 2021 2022 2023 2024 Future Amounts Total Temporary difference: Advance rent payment (16) $4.00 $4.00 $4.00 $4.00 Taxable income $ 54 $16.00 In 2021 the company's pretax accounting income was $70.0. The enacted tax rate for 2020 and 2021 is 25%, and it is 30% for years after 2021. Required: Prepare a 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. Do not round intermediate calculations. Enter your answers in whole dollars.) View transaction list Journal entry worksheet < 1. Record the income taxes. >