Please show your work. Thanks!

Problem 19-4 (Part Level Submission) The accounting records of Shinault Inc. show the following data for 2014. 1. Life insurance expense on officers was $8,600. 2. Equipment was acquired in early January for $320,900. Straight-line depreciation over a 5-year Me is used, with no salvage value. For tax purposes, Shinault used a 30 % rate to calculate depreciation. 3. Interest revenue on State of New York bonds totaled $5,400. 4. Product warranties were estimated to be $56,600 in 2014. Actual repair and labor costs related to the warranties in 2014 were $19,800. The remainder is estimated to be paid evenly in 2015 and 2016. 5. Gross profit on an accrual basis was $140,700. For tax purposes, $78,100 was recorded on the installment-sales method. 6. Fines incurred for pollution violations were $6,100. 7. Pretax financial income was $790,900. The tax rate is 40 %. () Your answer is partially correct. Try again. Prepare the journal entry for 2014 to record income taxes payable, income tax expense, and deferred income taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Income Tax Expense 341280 Tbeferred Tax Asset 11040 Deferred Tax Liability 55396 Income Tax Payable 296924 Click if you would like to Show Work for this question: Open Show Work