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

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Accounting

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The following information is for James Industries' first year of operations. Amounts are in millions of dollars. Future Taxable Amounts 2018 2019 2020 2021 Future Amounts Total 2017 $ 60.4 Accounting income Temporary difference: Advance rent payment Taxable income (13.2) $ 47.2 $3.30 $3.30 $3.30 $3.30 $13.20 In 2018 the company's pretax accounting income was $674. The enacted tax rate for 2017 and 2018 is 40%, and it is 35% for years after 2018 Required: Prepare a journal entry to record the income tax expense for the year 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Enter your answers in whole dollars.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Income tax expense Deferred tax lability Income tax payable

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