Brief Exercise 16-10 ( "Shannon Polymers uses straight-line depreciation for financial reporting purposes for equipment costing $800,000 and with an expected useful life of four years and no residual value. For tax purposes, the entire amount can be deducted in the year of purchase. Pretax accounting income in the year the equipment was purchased was $900,000, which includes interest revenue of $20,000 from municipal bonds. Other than the two described, there are no other differences between accounting and taxable income. The enacted! tax rate is 25%. Prepare the journal entry to record income taxes