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Saved O You received partial credit in the previous attempt Check my work 3 In 2018, Ryan Management collected rent revenue for 2019 tenant occupancy. For financial reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy rental property, but for income tax reporting it is taxed when collected. The deferred portion of the rent collected in 2018 was $80 million. Taxable income is $260 million. No temporary differences existed at the beginning ofthe year, and the tax rate is 40%. Suppose the deferred portion of the rent collected was $70 million at the end of 2019. Taxable income is $280 million. 10 points Prepare the appropriate journal entry to record 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 millions (i.e., 10,000,000 should be entered as 10 Prit View transaction list View journal entry worksheet No Event General Journal Debit Credit Income tax expense 80 32 Income tax payable 112 9 Chapter 16 HW - Google Chrome