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Exercise 16-29 (Algo) Multiple differences; multiple tax rates [LO16-2, 16-3, 16-5, 16-6] Case Development began operations in December 2021. 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. 2021 installment income was $942,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 20222024 are as follows: 2022 2023 2024 $330,000 336,000 276,000 20% 25 25 Case also had product warranty costs of $403,000 expensed for financial reporting purposes in 2021. For tax purposes, only the $96,000 of warranty costs actually paid in 2021 was deducted. The remaining $307,000 will be deducted for tax purposes when paid over the next three years as follows: 2022 $115,000 2023 100,000 2024 92,000 Pretax accounting income for 2021 was $1,049,000, which includes interest revenue of $29,000 from municipal bonds. The enacted tax rate for 2021 is 20%. Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case's 2021 income taxes. 2. What is Case's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case's 2021 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 whole dollars.) Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case's 2021 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 whole dollars.) View transaction list Journal entry worksheet 1 > Record 2021 income taxes. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Pretax accounting income for 2021 was $1,049,000, which includes interest revenue of $29,000 from municipal bonds. The enacted tax rate for 2021 is 20%. Required: 1. Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case's 2021 income taxes. 2. What is Case's 2021 net income? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is Case's 2021 net income? (Enter your answer in whole dollars.) Net income