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The following differences enter into the reconciliation of financial income and taxable income of Abbott Company for the year ended December 31, 2014, its first year of operations. The enacted income tax rate is 30% for all years. The financial statements reported pre-tax accounting income of $700,000. The following differences between taxable and financial income exist Excess tax depreciation will reverse equally over a four-year period, 2015-2018. Rent revenue will be recognized equally over the next three-year period, 2015-2017. Interest revenue from the New York bonds is expected to be $20,000 each year until their maturity at the end of 2018. Determine taxable income in 2014. Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2014