Madison reported pretax financial income of $300,000. In addition, Madison reported the following differences between pretax financial income and taxable income: Interest income of $15,000 was received on a tax-exempt municipal bond investment. Rent income of $20,000 was collected in advance at the end of 2019. For financial statement purposes it will be reported in 2019. An asset with a 5-year life was purchased in 2019. Straight line depreciation used for book purposes was $20,000. MACRS tax depreciation expense for 2019 was $32,000. . The enacted tax rate was 25% for 2019 and future years. Assume there were no deferred income tax assets/liabilities at the start of 2019. Required: . Calculate the amount of 2019 taxable income. Prepare Madison's income tax journal entry for 2019. Calculate Madison's effective tax rate for 2019