Hunt Co. at the end of 2023, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $ 750,000 Estimated warranty expenses deductible for book when accrued, but deductible for taxes only when paid 1,200,000 Tax depreciation in excess of book depreciation (1.500,000) Taxable income 450,000 Estimated warranty expense of $800,000 will be deductible in 2024, $300,000 in 2025, and $100.000 in 2026. The use of the depreciable assets will result in additional taxable income of $500,000 in each of the next three years. Assume that tax rate is 40%. instructions (a) Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2023, and what is the Hunt Co.'s 2023 net income? (b) Prepare any additional entries necessary, if we assume that 75% of any deferred tax assets will never be recognized