Company A uses straight-line depreciation for financial reporting purposes for equipment costing $800 with an expected useful life of five years and no residual value. Assume that, for tax purses, the deduction is 50%, 20%, 10%, 10%, 10% in those years. Pretax accounting income the first year the equipment was used was $830, which includes interest revenue of $35 from municipal governmental bonds. Other than the two described, there are no differences between accounting income and taxable income. The enacted tax rate is 20%. Which of the following are included in the journal entry to record income taxes?

Group of answer choices

Debit to deferred tax asset for $240

Debit to income tax expense for $159

Credit to deferred tax liability for $240

Debit to income tax expense for $111