Concord Inc. had accounting income of $151,800 in 2020 . Included in the calculation of that amount is the CEO's life insurance expense of $5,000, which is not deductible for tax purposes. In addition, the undepreciated capital cost (UCC) for tax purposes is $12,500 lower than the net carrying amount of the property, plant, and equipment, although the amounts were equal at the beginning of the year. Prepare Concord's journal entry to record 2020 income tax. Assume a tax rate of 25% and that Concord uses the taxes payable method of accounting for income taxes under ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)