Gupta Incorporated operates in an industry for which NOL carryback is not allowed, and had the following pretax income $($loss$)$ over its first three years of operations:

$2022$ $ $(1,750,000)$

$2023(1,350,000)$

$20242,100,000$

For each year there were no deferred income taxes. The tax rate was $25\%$ in all years. No valuation account was deemed necessary for the deferred tax asset as of December $31,2023.$

Required:

Prepare the journal entry to record Gupta's tax provision for the year $2024.$

include

$-$Income tax expense

$-$ Income tax payable

$-$ Defered tax asset

Compute Gupta's net income or net loss for $2024.$