On December 31, 2019, the Irwin Company's accounting records show an unadjusted $60,000 credit balance in the Deferred Income Tax Liability account. The balance is related to the $150,000 difference between the December 31, 2018 recorded values of certain assets for book and income tax purposes. The company uses the straight-line depreciation method for financial statement purposes and accelerated methods for income tax purposes. The following additional information is available. Book Basis Income Tax Basis December 31, 2018 Assets $ 900,000 $750,000 December 31, 2019 Assets $1,000,000 $885,000 2019 Pretax accounting income $450.000 2019 Taxable income $485,000 The $115,000 difference between the book and income bases of the assets at December 31, 2019 is due to a combination of the depreciation methods and the company's equipment acquisitions and retirements. The $35.000 difference between the 2019 pretax accounting and taxable incomes is due to this one temporary difference and various permanent differences The 2019 corporate tax rate is 0%, however, the enacted corporate tax rate will be 45% effective January 1, 2020 and is not expected to change in the foreseeable future. REQUIRED: Prepare the necessary journal entry to record the 2019 income tax expense and to adjust the deferred income tax account