WMI Corporation began operations in $2024.$ The company sometimes sells used warehouses on an installment basis. In those cases, WMI reports income in its income statement in the year of the sale. In its income tax return, though, WMI reports installment income by the installment method when cash is received. Installment income in $2024$ income statement was $$120,000,$ which WMI expects to collect equally over the next three years $(2025-2027).$ The tax rate is $25\%,$ but based on an enacted law, is scheduled to become $30\%$ in $2026.$WMI's pretax accounting income from the $2024$ income statement was $$831,000,$ which includes $$41,000$ of interest revenue from an investment in municipal bonds. There were no differences between accounting income and taxable income other than those described above.Required:Prepare the appropriate journal entry to record WMI's $2024$ income taxes.What is WMI's $2024$ net income?