The following information is for James Industries' first year of operations. Amounts are in millions of dollars. Future Year fawn Taxable Amounts Amount. 2010 2011 2012 2013 2014 Total Acoxinting income $60 Temporary difference Advance rent payment 1.121 S 3 S 3 $ 3 $ 3 $ 12 Taxable income Eg In 2011 the company's pretax accounting income was S67. The enacted tax rate for 2010 and 2011 is 40%, and 35% for years after 2011.
Required: Prepare a journal entry to record the income tax expense for the year 2011. Show well-labeled computations for income tax payable and the change in the deferred tax account.