For the year ended December 31, 2016, Nelson Co.s income statement showed income of $435,000 before income, tax expense. To compute taxable income, the following differences were noted:

Income from tax-exempt municipal bonds	$60,000
Depreciation deducted for tax purposes in excess of depreciation recorded on the books	120,000
Proceeds received from life insurance on death of an insured employee	100,000
Corporate tax rate for 2016	30%
Enacted tax rate for future periods	35

Required:

2.	Prepare Nelsons income tax journal entry at the end of 2016.