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The accounting records of Sheffield Inc. show the following data for 2025 (its first year of operations). 1. Life insurance expense on officers was $8,300. 2. Equipment was acquired in early January for $296,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Sheffield used a 30% rate to calculate depreciation. 3. Interest revenue on State of New York bonds totaled $3,900. 4. Product warranties were estimated to be $50,700 in 2025 . Actual repair and labor costs related to the warranties in 2025 were $9,700. The remainder is estimated to be paid evenly in 2026 and 2027 . 5. Gross profit on an accrual basis was $92,000. For tax purposes, $79,900 was recorded on the installment-sales method. 6. Fines incurred for pollution violations were $4,500. 7. Pretax financial income was $711,100. The tax rate is 30%. Prepare the journal entry for 2025 to record income taxes payable, income tax expense, and deferred income taxes. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)