Carla Vista inc. has two temporary differences at the end of 2024. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Carla Vista's accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows.
2025 2026 2027 2028
Taxable amounts $39,600 $52,400 $55,700 $86,600
Deductible amounts (13,700) (19,200)
$39,600 $38,700 $36,500 $86,600
As of the beginning of 2024, the enacted tax rate is 34% for 2024 and 2025, and 20% for 2026-2029. At the beginning of 2024, the company had no deferred income taxes on its balance sheet. Taxable income for 2024 is $516,000. Taxable income is expected in all future years. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024,