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Rowen, Inc. had pre-tax accounting income of 900,000 and a tax rate of 40% in...

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Accounting

Rowen, Inc. had pre-tax accounting income of 900,000 and a tax rate of 40% in 2021, its first year of operations. During 2021 the company had the following transactions: Received rent from Jane, Co. for 2022 32,000

Depreciation for tax purposes in excess of book depreciation 20,000

Installment sales revenue to be collected in 2022 94,000

make a journal entry to record the income taxes at the end of 2021.

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