Parker Company identifies depreciation as the only ditference for future taxable amounts, In Year 1 , its depreciation for financial reporting purposes is 59,000 and $10,500 for income tax reporting purposes. Parker has an income tax rate of 35%. Assume that Parker's taxable income for Yaar 1 is $150.000. Required: Prepare the joumal entry to record Parker's income tax expense. How does groding work