E18.2 (LO 1, 2) (Two Differences, No Beginning Deferred Taxes, Tracked through 2 Years) The following information is available for Wenger Corporation for 2024 (its first year of operations). Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 20252028. Deferral, for book purposes, of $20,000 of rent received in advance. The rent will be recognized in 2025. Pretax financial income, $300,000. Tax rate for all years, 20%. Instructions Compute taxable income for 2024. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming taxable income of $325,000