The following information is for James Industries' first year of operations. Amounts are in millions of dollars.

		Year		Future Taxable Amounts												Future Amounts
	2020			2021			2022			2023			2024			Total
Accounting income	$	70
Temporary difference:
Advance rent payment		(16	)	$	4.00		$	4.00		$	4.00		$	4.00		$	16.00
Taxable income	$	54

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.

The following Information is for James Industries' first year of operations. Amounts are in millions of dollars. Year Future Taxable Amounts 2021 2022 2023 2024 Future Amounts Total 2020 $ 70 Accounting income Temporary difference: Advance rent payment Taxable income $4.ee $4.ee $4.ee $16.00 (16) $4.00 $ 54 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 fleld. Do not round Intermediate calculations. Enter your answers in whole dollars.) View transaction list Journal entry worksheet