Colossal Marine. Inc.. had income before income tax of $171,000 and taxable income of $148,000 for 2016,

Question:

Colossal Marine. Inc.. had income before income tax of $171,000 and taxable income of $148,000 for 2016, the company's first year of operations. The income tax rate is 40%.
1. Make the entry to record Colossal Marine's income taxes for 2016.
2. Show what Colossal Marine will report on its 2016 income statement, starting with income before income tax. Also show what Colossal Marine will report for current and long-term liabilities on its December 31, 2016, balance sheet.