Answer and Explanation:
Before passing the journal entries we need to do following calculations 
Particular	Current year  Future taxable amounts	($ in 000s)
                         2021	2022      2023         2024  
Accounting 
income         $824    
less: Permanent 
difference	($34 )    
Temporary difference :      
less: installments 
sales         ($570 )    $190       $190        $190  
Taxable 
income          $220    
Multiply 
Enacted tax rate 25%   25%          30%	30%  
Tax payable 
currently      $55
Deferred tax liability        $47.5              $57       $57             $161.50
Less: Beginning balance                         $0
Change in balance : credit (debit )           $161.50
1. Now the journal entry is 
On 2021	
Income tax expense ($161.50 + $55)	$216.50  
                         To  Deferred tax liability $161.50
                          To Income tax payable $55
(Being the income tax for 2021 is recorded)
2. And, the net income is 
= Pre accounting income - income tax expense 
= $824,000 - $216,500
= $607,500