North Dakota Corporation began operations in January 2017 and purchased a machine for $21,000. North Dakota uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2017, 20% in 2018. and 30% in 2019. Pretax accounting income for 2017 was $151,000, which includes interest revenue of $20,500 from municipal bonds. The enacted tax rate is 30% for all years. There are no other differences between accounting and taxable income. Required: Prepare a journal entry to record income taxes for the year 2017. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Income tax expense Deferred tax liability Income tax payable