Deferred Tax Liability: Revenuec example - Kicks USA began operations on February 1, 2021. - When property is sold on an installment basis, Kicks USA recognizes installment income for financial reporting purposes in the year of the sale. 2021 installment income was $880,000 and will be collected over the next three years. - Pretax accounting income for 2021 was $1,194,000. Scheduled collections for 20222024 are as follows: Required: 1) Prepare income tax table 2) Prepare journal entry to record income taxes for 2021