Brief Exercise $16-5($Algo$)$ Temporary difference; income tax payable given $[$LO$16-3]$

In $2024,$ Ryan Management collected rent revenue for $2025$ tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting, the rent is taxed when collected in $2024.$ The deferred portion of the rent collected in $2024$ was $\backslash (\backslash$$ $74\backslash )$ million. Taxable income is $\backslash (\backslash$$ $300\backslash )$ million in $2024.$ No temporary differences existed at the beginning of the year, and the tax rate is $\backslash (25\backslash \%\backslash ).$

Prepare the appropriate journal entry to record income taxes in $2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions rounded to $1$ decimal place $($i$.$e$.,\backslash (5,500,000\backslash )$ should be entered as $5\mathrm{.}5).$

Journal entry worksheet

$1$

Record the income tax expense for $2024.$

Note: Enter debits before credits.