Patterson Development sometimes sells property on an installment basis. In those cases Patterson reports income in its income statement in the year of the sale but reports installment income by the installment method the tax return. Installment income in 2021 was $120 million. Which Patterson expects to collect equally over the next four years. The tax rate is 25%, but based on an enacted law, is scheduled to become 35% in 2023.

Patterson's pretax accounting income for the 2021 income statement was $530 million. Of this amount $30 million is non taxable revenue from proceeds of a life insurance policy. There were no differences between accounting income and taxable income other than described above and no cumulative temporary differences existed at the beginning of the year.

what would the appropriate journal entry to record Pattersons 2021 income taxes with calculations

What is Patersons 2021 net income?