Oxford Corporation began operations in $2025$ and reported pretax financial income of $$225,000$ for the year. Oxford's tax depreciation exceeded its book depreciaiton by $$40,000.$ Oxford's tax rate for $2025$ and years thereafter is $30\%.$ Assume this is the only difference between Oxford's pretax financial income and taxable income. Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable.

Account Titles and Explanation Debit Credit

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