8) Nittany Corporation began operations in January 2020 and purchased a machine for $20,000. Nittany uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2020, 30% in 2021, and 20% in 2022. Pretax accounting income for 2020 was $150,000, which includes interest revenue of $20,000 from municipal bonds. The enacted tax rate is 25% for all years. There are no other differences between accounting and taxable income. Required: Prepare a journal entry to record income taxes for the year 2020. Partial credit may be awarded so please show calculations for income tax payable and deferred tax accounts