The following information is for James Industries' first year of operations. Amounts are in millions of dollars.

		Year	Future Taxable Amounts												Future Amounts
	2020		2021			2022			2023			2024			Total
Accounting income	$	60
Temporary difference:
Advance rent payment		(12)	$	3.00		$	3.00		$	3.00		$	3.00		$	12.00
Taxable income	$	48

In 2021 the company's pretax accounting income was $67. The enacted tax rate for 2020 and 2021 is 25%, and it is 30% for years after 2021.

Required:
Prepare a journal entry to record the income tax expense for the year 2021.

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Journal entry worksheet 1 Record the income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general jourmal Journal entry worksheet 1 Record the income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general jourmal