Century Links Distributors began operations in January year 1 and purchased a delivery truck for $40,000. Century Links plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 50% of cost in year 1, 30% in year 2, and 20% in year 3. Pretax accounting income for year 1 was $320,000, which includes interest revenue of $43,000 from municipal bonds. The enacted tax rate is 40%. Required: Assuming no differences between accounting income and taxable income other than those described above: 1. Prepare the journal entry to record income taxes in year 1. 2. What is Century Links' year 1 net income