Fred's Foods had temporary differences related to the following future (deductible) or taxable amounts on December 31, 2017:a)Prepaid Expenses $15,000b) DepreciationExpense $80,000 and c) Warranty Expense ($22,000).There were no temporary differences on January 1, 2017.Taxable income was $20,000; Jim's had $100,000 of pretax accounting income.The tax rate is 35%.Prepare the journal entry to record income taxes for 2017.