At December 31, 2016, the Blue Agave Company had a current deferred tax asset of SE0,000, arising from cash for magazine subscriptions received and taxed in 2016 but that will be recognized as income for accounting purposes in 201?; a noncurrent deferred tax liability of $160,000 arising from an excess of MACRS tax depreciation over straightline accounting depreciation of plant assets: and a long-term deferred tax asset of S80,000, arising from contingency expenses for accounting purposes that will be tax deductible when paid [estimated to be in 2018}. The 201? pretax financial income and taxable income for Blue Agave are as follows: Pretax financial income S 200,000 Estimated bad debt expense S 60,000 Magazine subscriptions earned [cash received in 2015} S {200,000} Rent received in advance S 120,000 Excess of MACBS tax depreciation over straightline book depr. S {200,000} Taxable income S 480,000 The income tax rate for allyears 35% Required: Prepare the income tax journal entry for the Blue Agave Company at the end of 201