Paul Inc. began operations in $2023.$ The company sometimes sells land on an installment basis. In those cases, Paul Inc. reports income in its income statement in the year of the sale. In its income tax return, though, Paul Inc, reports installment income by the installment method. Installment income in its income statement in $2023$ was $$150,000,$ which Paul Inc. expects to collect equally over the next three years $($i$.$c$..2024,2025,$ and $2026).$ The current tax rate is $30\%,$ but based on an enacted law, is scheduled to become $25\%$ in $2025.$Paul Inc's pretax accounting income from the $2023$ income statement was $$980,000,$ which includes $$15,000$ of interest revenue from an investment in municipal bonds.There were no differences between accounting income and taxable income other than those described abovea. Prepare the appropriate journal entry to record Paul Inc.$\text{'}$s $2023$ income taxes. Show calculations.