On January 1, the company purchased investment securities for $1,000. The securities are classified as trading. By December 31, the securities had a fair value of $100 but had not yet been sold. Excluding the trading securities, income before taxes for the year was $5,000. Assume that there are no other book-tax differences. The income tax rate is 45% for the current year and all future years. Assume that the company has been profitable in past years and is more likely than not to be profitable in future years. Prepare the journal entry or entries necessary to record income tax expense for the year.