Book journal entries for the following situations according to GAAP. Provide calculations please.

Tax rate 20%

In preparing this years income taxes (which have not been accrued), you have identified the following book-tax differences for the year:

- You collected $60,000 of payment up front for a product to be delivered next year. This amount is taxable when received.

- You received nontaxable municipal bond interest income of $25,000.