At the end of operation on December 31, 20x1, the Rocket Company reported Taxable income of ($10,000), a Net operating loss. The difference between taxable income and pretax financial income is due to Depreciation Expense. The tax rate for all years is 25%. Depreciation for GAAP Purposes is $20,000 each year for the four years X1 - X4. The depreciation for taxes is $50,000 in X1 and $10,000 in each each X2 - X4. Required: Prepare the income tax journal entry for the Rocket Company on December 31, 20x1, assuming that this is the first year for the company (therefore: there are no prior tax years for this company).