Delmarva Company, during its first year of operations in 2020, reported taxable income of $170,000 and pretax financial income of $100,000. The difference between taxable income and pretax financial income was caused by two timing differences: excess depreciation on tax return, $70,000; and warranty expenses in excess of warranty payments, $40,000. These two timing differences will reverse in the next three years as follows:

Year	Depreciation	Warranty Expenses
2021	$10,000	$20,000
2022	20,000	16,000
2023	40,000	4,000

Enacted tax rates are 30% for 2020, 35% for 2021 and 2022, and 40% for 2023.

Required:

Prepare the income tax journal entry for Delmarva Company for December 31, 2020.