31. Willingham, Inc., an accrual basis C corporation, reports pretax book incomeof $1.6 million. At the beginning of the tax year, Willingham reported nodeferred tax accounts on its balance sheet. It is subject to a 35% U.S. income tax ratein the current year and for the foreseeable future. Willinghams book-tax differences include the following. Compute the entitys current and deferred income tax expense for the year.

Addition to the book reserve for uncollectible receivables (nospecific write-offs occurred) $4,000,000

Tax depreciation in excess of book 3,000,000

Book gain from installment sale of nonbusiness asset, deferred for tax 2,000,000

Interest income from school district bonds 200,000

Continue with the results. Prepare the GAAP journal entries for Willinghams income tax expense.