I have the following homework assignment. According to my calculations the deferred tax liability is $58,000, income tax expense is $1,942,000. What am I doing incorrect?

Kara Fashions uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. Three years after its purchase, one of Karas buildings has a carrying value of $460,000 and a tax basis of $315,000. There were no other temporary differences and no permanent differences. Taxable income was $5 million and Karas tax rate is 40%.

1-1.	What is the deferred tax liability to be reported in the balance sheet? (Enter your answer in whole dollars.)

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1-2.	Assume that the deferred tax liability balance was $56,500 the previous year. Prepare the appropriate journal entry to record income taxes this year. (If no entry is required for an event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)