Prepare the journal entries to record the tax for the year.

Kindly provide answer step by step.

Werner Corporation reported the following information at the beginning of its current fiscal year: During the year, Werner reported the following information: - Income before income taxes for the year was $660,000 and the tax rate was 32%. - Depreciation expense was $50,000 and the capital cost allowance was $80,000. The carrying amount of property, plant, and equipment at the end of the year was $420,000, while the undepreciated capital cost was $355,000. - Warranty expense was reported at $40,000, while actual cash paid out was $33,000. The warranty liability had a year-end balance of $15,000. - No other items have affected deferred tax amounts other than these transactions