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Tidal Development sometimes sells property on an installment basis. In those cases, Tidal reports income in its income statement in the year of the sale but reports installment income by the installment method on the tax return. Installment income in 2019 was $130 million, which Tidal expects to collect equally over the next four years beginning in 2019. The tax rate is 30%, but based on an enacted law, is scheduled to become 40% in 2021. Other information pertinent to Tidal's statements: Pretax accounting income for 2019 was $630 million, $30 million of this amount is non-taxable revenue from proceeds of a life insurance policy. There were no differences between accounting income and taxable income other than those described above and no cumulative temporary differences existed at the beginning of the year. Required: 1) Prepare the appropriate journal entry to record Tidal's 2019 income taxes 2) What is Tidal's 2019 net income Be sure to show calculations to receive partial credit