Milo Manufacturing uses straight$-$line depreciation for financial statement reporting and is able to deduct $100\%$ of the cost of equipment in the year the equipment is purchased for tax purposes. Four years after its purchase, one Milo's manufacturing machines has a book value of $$760,000.$ There were no other temporary differences and no permanent differences. Taxable income was $$26$ million and Milo's tax rate is $25\%.$

What is the deferred tax liability to be reported in the balance sheet? Assuming that the deferred tax liability balance was $$246,000$ the previous year, prepare the appropriate journal entry to record income taxes this y