Munoz Corp.'s books showed pretax financial income of $3,600,000 for the year ended December 31, 2021. In the computation of federal income taxes, the following data were considered:

Gain on an involuntary conversion $1,560,000

(Munoz has elected to replace the property within the statutory

period using total proceeds.)

Depreciation deducted for tax purposes in excess of depreciation

deducted for book purposes 240,000

Federal estimated tax payments, 2021 200,000

Enacted federal tax rate, 2021 20%

Prepare the accounting entry for taxes on Munoz Corps Books for 2021.