2. The accounting records of Sweet Inc show the following data for 2017 (its first year of operations). 1. Life insurance expense on officers was $13,000 Equipment was acquired in early January for $317.000. Straight-line depreciation over a 5-year life is used with no salvage value. For tax purposes, Sweet used a 30% rate to calculate depreciation Interest revenue on State of Iowa bonds totaled $3,000. Product warranties were estimated to be $49.000 in 2017 Actual repair and labor costs related to the warranties in 2017 were $9.000. The remainder is estimated to be paid evenly in 2018 and 2019 Pretax financial income was $814,000. The tax rate is 30%, 3 5. Assume that in 2018 Sweet reported a pretax operating loss of $956,000. There were no other temporary or permanent differences in tax and book income for 2018. Prepare the journal entry to record income tax expense for 2018. Sweet expects to return to profitability in 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit