At December 31, 2019, the Blue Agave Company had a current deferred tax asset of $60,000, arising from cash for magazine subscriptions received and taxed in 2019 but that will be recognized as income for accounting purposes in 2020; a noncurrent deferred tax liability of $160,000 arising from an excess of MACRS tax depreciation over straight-line accounting depreciation of plant assets; and a long-term deferred tax asset of $80,000, arising from contingency expenses for accounting purposes that will be tax deductible when paid (estimated to be in 2021). The 2020 pretax financial income and taxable income for Blue Agave are as follows: Pretax financial income $800,000 Estimated bad debt expense Magazine subscriptions eamed (cash received in 2019) Rent received in advance 60,000 (200,000) 100,000 Excess of MACRS tax depreciation over straight-line accounting depreciation (200,000) Taxable income The income tax rate for all years $560,000 30% Required: Prepare the income tax journal entry for the Blue Agave Company at the end of 2020