I don't think my numbers are correct.

EZ, Inc., reports pretax accounting income of $400,000, but due to a single temporary difference, taxable income is $500,000. At the beginning of the year, no temporary differences existed. EZ is subject to a tax rate of 40%. Required: Prepare the appropriate journal entry to record EZ's income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the income taxes. Debit Credit General Journal Transaction 1 160,000 Income tax expense 40,000 Deferred tax asset 200,000 Income tax payable *Enter debits before credits done clear entry record entry