I have a question. I got right Deferred Tax Asset and $12,350 Income Tax Payable $173,740 but I got wrong Income Tax Expense and Deferred tax liability. Bridgeport Inc. has two temporary differences at the end of 2016. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Bridgeports accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows.

	2017	2018	2019	2020
Taxable Amounts	42,700	45,900	64,300	81,400
Deductible Amounts		(13,600)	(18,900)
TOTALS	42,700	32,300	45,400	81,400

As of the beginning of 2016, the enacted tax rate is 34% for 2016 and 2017, and 38% for 20182021. At the beginning of 2016, the company had no deferred income taxes on its balance sheet. Taxable income for 2016 is $511,000. Taxable income is expected in all future years.

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016.