Frizell Co., prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $3,000,000 Municipal Interest -300,000 Warranty Expense 2,000,000 Extra depreciation for taxes (1,800,000) Taxable income $ 2,900,000 On Janaury 1st Frizell had a balance in the Deferred Tax Liability of $80,000 and no balance in the Deferred Tax Asset. The warranty will be satisfied next year. Depreciation expenses will reverse evenly over the next three years. The income tax rate is 10% for all years. Prepare the necessary journal entry for deferred taxes for the current year. You do not need to prepare a deferred tax worksheet but please show all your work