Food, Inc. reported pretax book income of $ 4,000,000 in 2019, its first year of operations. During the current year, the reserve for bad debts increased by $ 100,000 . In addition, tax depreciation exceeded book depreciation by $ 300,000 . For financial statement purposes, Food deducted the $ 90,000 , the amount paid for life insurance premiums for its officers. Finally, the Company received $ 80,000 of tax-exempt municipal bond interest.

What items listed above would represent temporary differences for income tax purposes?

What would be Food's current year Income Tax Expense?

Prepare the journal entry to record income taxes for 2019.