Lakeville Corporation began operations in January 20X1 and purchased a machine for $20,000. Lakeville uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 20X1, 30% in 20X2, and 20% in 20X3. Pretax accounting income for 20X1 was $150,000, which includes interest revenue of $20,000 from municipal bonds. The enacted tax rate is 35% for all years. There are no other differences between accounting and taxable income. Required: Prepare a journal entry to record income taxes for the year 20X1. Show well-labeled computations for the amount of income tax payable and the change in the deferred tax account