(Solved by Humans)-Problem Silver began operations in 2014. The company sometimes sells used warehouses on...

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Problem Silver began operations in 2014. The company sometimes sells used warehouses on aninstallment basis. In those cases, Silver reports income in its income statement in the yearof the sale. In its income tax return, though, Silver reports installment income by theinstallment method. Installment income in 2014 was $90,000, which Silver expects tocollect equally over the next three years. The tax rate is 30%, but based on an enacted law, isscheduled to become 35% in 2016. Silver's pretax accounting income from the 2014 income statement was $830,000, whichincludes $40,000 of interest revenue from an investment in municipal bonds. There were nodifferences between accounting income and taxable income other than those described above. Required: (1) Prepare the appropriate journal entry to record Silver's 2014 income taxes. Show calculations. (2) What is Silver's 2014 net income?