Would you please help with the question bellow. If you could include explanations for my understanding that would be great. Thank you

1T5 Problem 16-1 (Static) Single temporary difference originates each year for four years [L016-2] Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for nancial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections. and pretax accounting income for 202072023 are as follows: Pretax Accounting Service Revenue Collections Income 2929 $6691 999 $529,999 $135,999 2921 759, 999 778,999 269,999 2922 7'191 999 792,999 228,999 2923 7'161 999 729,999 299,999 There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25%. (Hint: You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31. 20207 2023.) Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and 2023 income taxes. (If no entry is required for a tronsactionlevent. select "No journal entry required" in the first account field. Enter your answers in whole dollars.) (Hint: You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2020- 2023.) Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and 2023 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.) x Answer is complete but not entirely correct. No Event General Journal Debit Credit 1 Income tax expense 51,000 X Deferred tax liability 7,000 Income tax payable V 58,000 X 2 2 Income tax expense 61,000 X Income tax payable 59,000 X Deferred tax liability 2,000 3 3 Income tax expense 48,506 X Deferred tax liability 494 X Income tax payable 49,000 X