2018 Pretax Accounting Income: $600,000 2018 Municipal Bond Interest Income Recognized in Pretax Accounting Income: $10,000 2018 Warranty Expense of $40,000 for Accounting Purposes 2018 Actual Warranty Costs Incurred were $30,000 December 31, 2018 Warranty Liability is $10,000 2018 Installment Sales Included in Pretax Income Totaled $150,000 2018 Installment Sales for Tax Purposes Totaled $100,000 December 31, 2018 Installment Receivable was $50,000 (to be collected equally in 2019/20) Federal Fines Included Against Pretax Income totaled $20,000 All Fixed Assets Purchased Prior to January 1, 2018 were Fully Depreciated at 12/31/17 Fixed Assets purchased on January 1, 2018 for $150,000. Estimated Life is 4 Years Depreciation for Accounting Purposes is Straight Line Depreciation for Tax Purposes for 4 Year Assets is 50%, 30%, 10%, and 10% Federal Tax Rate is 20%

What is the taxable income for the year ended December 31, 2018?

What is the current/deferred tax journal entry to necessary at December 31, 2018?