Ivanhoe inc. has two temporary differences at the end of 2016. the first difference stems from installment sales, and the second one results from the accrual of a loss contingency. ivanhoe’s accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows. 2017 2018 2019 2020 taxable amounts $39,300 $54,800 $58,300 $83,700 deductible amounts (16,200 ) (19,700 ) $39,300 $38,600 $38,600 $83,700 as of the beginning of 2016, the enacted tax rate is 34% for 2016 and 2017, and 38% for 2018–2021. at the beginning of 2016, the company had no deferred income taxes on its balance sheet. taxable income for 2016 is $493,000. taxable income is expected in all future years. prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016.