Nott Co. at the end of 2020, its second year of operations. The company uses accelerated depreciation methods for income tax purposes and the straight-line method for financial reporting purposes. At the end of 2020, the remaining depreciation book/tax differences will result in $1,000,000 in taxable amounts over the next five years. In 2020, the company reporting for financial reporting purposes $860,000 of estimated expenses that will be tax deductible when paid in 2021. At the end of 2019, the company reported a deferred income tax liability of $200,000 and a deferred income tax asset of $130,000 related to the timing differences between reporting for book and tax purposes. The company's taxable income for 2020 was $430,000. The current enacted tax rate is 45% and no changes are expected in the future.

prepare the journal entry to record Nott Co.s income tax expense, deferred taxes, and income taxes payable for 2020.