On 01-01-15, its first day of business, Maddox Company purchased equipment for $1,200,000. Maddox uses a straight-line depreciation method and assumes no salvage value for book purposes. The equipment has an estimated useful life of four years. Pretax financial income and taxable income are as follows: 2015 2016 2017 2018

Pretax financial income $1,600,000 $1,700,000 $1,800,000 $1,500,000

Taxable income $1,300,000 $1,700,000 $1,950,000 $1,650,000

The difference each year between pretax financial income and taxable income is due solely to using MACRS depreciation for tax purposes. Prepare the journal entry to record Maddoxs income tax expense, deferred taxes, and income taxes payable for all four years assuming the enacted tax rate for all four years is 21%.