Culver Corporation began 2017 with a $97,700 balance in the Deferred Tax Liability account. At the end of 2017, the related cumulative temporary difference amounts to $324,800, and it will reverse evenly over the next 2 years. Pretax accounting income for 2017 is $563,900, the tax rate for all years is 40%, and taxable income for 2017 is $483,350.

(a)Compute income taxes payable for 2017.

$483350 X 40% = $193,340

(b)Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017.