(Solved): In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting. ...

In 2021, Ryan Management collected rent revenue for 2022 tenant occupancy. For financial reporting. the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy rental property. For tax reporting. the rent is taxed when collected in 2021 . The deferred portion of the rent collected in 2021 wa5 \( \$ 106 \) million. Taxable income is \( \$ 460 \mathrm{mili} \) on in 2021 . No temporary differences existed at the beginning of the year, and the tax rate is \( 25 \% \). Prepare the appropriate journal entry to record income taxes in 2021. (If no entry ls requlred for a transactlonievent, seleet * No Journal entry requlred" In the first occount field. Enter your answers in millons rounded to 1 decimal place fle. \( 5,500,000 \) thould be entered as \( 5.5) \).) Journal entry worksheet