Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. For tax purposes, the expense is deducted when the warranty work is completed. At December $31,2024,$ Lance has a warranty liability of $$2$ million and taxable income of $$75$ million. At December $31,2023,$ Lance reported a deferred tax asset of $$435,000$ related to this difference in reporting warranties; it's only temporary difference. The enacted tax rate is $25\%$ each year.

Required:

Prepare the appropriate journat entry to record Lance's income tax provision for $2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in whole dollars.

Journal entry worksheet

$1$

Record $2024$ income taxes.

Note: Enter debits before credits.

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