The following information is for James Industries' first year of operations. Amounts are in millions of dollars. Future Future Taxable Amounts Year Amounts 2017 2018 2019 2020 2021 Total Accounting income Temporary difference: 60.2 Advance rent (12.6) $3.20 $3.20 $3.20 $3.20 $12.60 payment Taxable income $ 47.6 In 2018 the company's pretax accounting income was $67.2. The enacted tax rate for 2017 and 2018 is 40%, and it is 35% for years after 2018. Required: Prepare a journal entry to record the income tax expense for the year 2018. (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.) Answer is complete but not entirely correct. General Journal Debit No Transaction Credit 25 1 1 Income tax expense 1X Deferred tax liability Income tax payable 26x