The Billboard Company has a deferred tax liability in the amount of \(\$ 14,000\) at December 31, 2020, relating to a \(\$ 40,000\) installment sale receivable, \(\$ 20,000\) of which is collected in 2021 . The tax rate in 2021 is \(35 \%\). However, the rate for 2022 and thereafter is changed during 2021 to \(25 \%\). Warranty expense in 2021 included in the determination of pretax GAAP income is \(\$ 100,000\), with these amounts expected to be incurred and deductible for tax purposes in 2022. Pretax GAAP income is \(\$ 280,000\) in 2021.

Required 

Prepare the journal entry to record income taxes in 2021.