Recording Multiple Temporary Differences, Change in Enacted Tax Rate The Billboard Company has a deferred tax liability in the amount of $22,400 at December 31, 2020, relating to a $64,000 installment sale receivable, $32,000 of which is collected in 2021. The tax rate in 2021 is 35%. However, the rate for 2022 and thereafter is changed during 2021 to 25%. Warranty expense in 2021 included in the determination of pretax GAAP income is $160,000, with these amounts expected to be incurred and deductible for tax purposes in 2022. Pretax GAAP income is $448,000 in 2021. Required Prepare the journal entry to record income taxes in 2021. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Note: If the journal entry includes an extra line that is not required, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero) in the very last row of the journal entry. Date Account Name Dec. 31, 2021 Deferred Tax Asset Deferred Tax Liability Income Tax Expense Income Tax Payable N/A Check Dr. 40,000 Cr. 0 13,600 x 0 112,000 x 0~ 0 156,800 x 0