1. Southern Corporation began operations in January 2019 and purchased a machine for $120,000 at that time. Southern uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2019, 30% in 2020, and 20% in 2021. Pretax accounting income for 2019 which is the FIRST year of using this machine is $170,000. The enacted tax rate is 30% for all years. There are no other differences between accounting and taxable income.

Prepare the journal entry for 2019: