I am confused why it says my adjusting entry is incorrect. Please help.

Larkspur inc, a private company, is authorized to issue an unlimited number of common shares and 106,000 noncumulative $4 preferred shares. It began operations on January 1, 2024, and the following are selected transactions during 2024: Jan. 1 Issued 318,000 common shares for $159,000 cash. 2 Issued 31.800 preferred shares for $40 cash per share. Dec. 1 Declared a total of $238,500 in dividends, payable on January 5 , to shareholders of record on December 13. 31 Determined that it had total revenues of $969,900 and operating expenses of $646,600. Larkspur elected to report under ASPE. It has a 15% income tax rate and paid income tax instalments during the year of $42,400. Prepare a partial income statement starting with profit before income tax and record the adjusting entry for income tax (Credit account titles are automatically indented when the 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. List debit entry before credit entry)