Comprehensive At the beginning of 2013, Norris Company had a deferred tax liability of $5,100, because of the use of MACRS depreciation for income tax purposes and units-of-production depreciation for financial reporting. The income tax rate is 30% for 2012 and 2013, but in 2012 Congress enacted a 40% tax rate for 2014 and future years. Norris's accounting records show the following pretax items of financial income for 2013: income from continuing operations, $141,000 (revenues of $315,000 and expenses of $174,000); gain on disposal of Division F, $26,000; extraordinary loss, $19,500; loss from operations of discontinued Division F, $10,000; and prior period adjustment, $13,500, due to an error that understated revenue in 2012. All of these items are taxable; however, financial depreciation for 2013 on assets related to continuing operations exceeds tax depreciation by $7,200. Norris had a retained earnings balance of $160,000 on January 1, 2013, and declared and paid cash dividends of $37,000 during 2013. Required: Hide 1. Prepare Norris's income tax journal entry at the end of 2013. If an amount box does not require, leave it blank.