Arvada Corp. reports warranty expense when related products are sold. For tax purposes, the warranty costs are deductible as incurred. At the end of the current year, Arvada has a warranty liability of $$245,000$ and taxable income of $$29,000,000.$ At the end of the previous year, Arvada reported a deferred tax asset of $$89,000$ related to the difference in reporting warranty expense, its only. temporary difference. The enacted tax rate is $25\%$ each year.

Required:

Prepare the appropriate journal entry for Arvada to record the income tax provision for the current year.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record the income taxes.

Note: Enter debits before credits.

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