In 2018, dfs medical supply collected rent revenue for 2019 tenant occupancy. for income tax reporting, the rent is taxed when collected. for financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. the deferred portion of the rent collected in 2018 amounted to $430,000 at december 31, 2018. dfs had no temporary differences at the beginning of the year. required: assuming an income tax rate of 40% and 2018 income tax payable of $980,000, prepare the journal entry to record income taxes for 2018. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan