Lake Company has pretax GAAP income of \(\$ 100,000\) in 2020, its first year of operations. Lake Company has depreciation expense in 2020 for GAAP purposes that is \(\$ 60,000\) less than the amount of depreciation expense for tax purposes. In addition, \(\$ 5,000\) of regulatory fines included in the determination of pretax GAAP income are not tax deductible. Lake Company's tax rate is 25\%. Prepare Lake Company's income tax entry on December 31, 2020.