Problem $2$: Rex Inc. had pre$-$tax accounting income of $\backslash$$$298,000$ and a tax rate of $\backslash (21\backslash \%\backslash )$ in $2024,$ its first year of operations. During $2024,$ the company had the following transactions:

Received rent from Target for years $2025\backslash$& $2026$

Tax exempt municipal bond income

Purchase prepaid insurance, which will be used in $2025$

a$.$ For $2024,$ show the income levels for the books. $(3$ points$)$

$\backslash$$$61,700$

$\backslash$$$98,000$

$\backslash$$$12,000$

b$.$ For $2024,$ show the income levels for the tax return. $(3$ points$)$

c$.$ For $2024,$ prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable? $(6$ points$)$

d$.$ For $2024,$ prepare the income tax expense section of the income statement, beginning with the line "Income before Income Taxes? $(5$ points$)$