Exercise 19-5 The following facts relate to Vaughn Corporation. 1. Deferred tax liability, January 1, 2017, $41,600. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $98,800. 4. Pretax financial income for 2017, $208,000. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $249,600 Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $36,400. 7, Tax rate for all years, 40%. 8. The company is expected to operate profitably in the future. Compute income taxes payable for 2017. (Round answer to the nearest dollar amount, e.g. $1,525.) Income taxes payable s SHOW LIST OF ACCOUNTS Prepare the journal entry to record income tax expense, deferred incom taxes, and income taxes payable for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest dollar amount, e.g. $1,525.) Account Titles and Explanation Debit Credit