Case Development began operations in December 2016. When property is sold on an installment basis, Case recognizes installment income for financial reporting purposes in the year of the sale. For tax purposes, installment income is reported by the installment method. 2016 installment income was $520,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 20172019 are as follows:

Case Development began operations in December 2016. When property is sold on an installment basis Case recognizes installment income for financial reporting purposes in the year of the sale. For tax purposes, installment income is reported by the installment method. 2016 installment income was $520,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 2017-2019 are as follows 2017 $110,000 20% 2018 2019 290,000 120,000 30 30 Pretax accounting income for 2016 was $636,000, which includes interest revenue of $26,000 from municipal bonds. The enacted tax rate for 2016 is 20% Required 1. Assuming no diferences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case's 2016 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field Enter your answers in thousands.) View transaction list Journal entry worksheet Record 2016 income taxes Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal