P and S Corporations comprise an affiliated group that files separate tax returns. P and S had no intercompany inventory sales before the current year (Year 1). P and S use the first-in, first-out (FIFO) inventory method. During Year 1, S sells 40,000 widgets to P, earning $7 per unit profit on the sale. P’s inventory at the end of Year 1 includes 10,000 of these widgets. During Year 2, S sells 75,000 widgets to P, earning $7.50 per unit profit on the sale. P’s inventory at the end of Year 2 includes 12,000 of these widgets. During Year 3, no intercompany inventory sales occur, and P sells all widgets in beginning inventory. P’s and S’s taxable income each year (including any profits from intercompany inventory sales) is $380,000 and $300,000, respectively. Prepare the journal entries to record federal income tax expense for each of Years 1, 2, and 3. Assume a 34% corporate tax rate.