On 1 January 20X3, Highmark Corp. had the following deferred tax balances: Deferred income tax asset related to warranty Deferred income tax liability related to capital assets $ 16,500 $121,000 On this date, the net book value of capital assets was $1,760,000 and UCC was $1,455,000. There was a warranty liability of $41,000. In 20X3, accounting income was $180,000. This included non-tax-deductible expenses of $43,000, dividend revenue (non-taxable) of $12,500, depreciation of $76,000, and a warranty expense of $39,500. Warranty claims paid were $52,000 and CCA was $100,000. Required: Provide the journal entry to record tax expense in 20x3. The enacted tax rate was 40% in 20X3. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No General Journal Credit Date 20X3 Debit 79,600 1 Income tax expense Deferred income tax Income tax payable 16,500 39,500