ABC Corporation began operations in January 2020 and purchased a machine for $26,000. ABC 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 5156,000, which includes interest revenue of $23,000 from municipal bonds. The enacted tax rate is 30% for all years. There are no other differences between accounting and taxable income. Required: (Please show your detailed work/calculations) 1. What is the income tax expense for year 20207 2. Prepare a journal entry to record income taxes for year 2020