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 of Milo's manufacturing machines has a book value of $$820,000.$ There were no other temporary differences and no permanent differences. Taxable Income was $$32$ 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 llability balance was $$249,000$ the previous year, prepare the appropriate journal entry to record income taxes this year.

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Balance Sheet

General

Journal

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

Deferred tax liability