Prepare the journal entry to record income tax expense, deferred income taxes, income tax payable $($CR:$23560),$ ?and deferred tax liability.

The following facts relate to Crane Corporation. 1. Deferred tax liability, January 1, 2025, $29,600. 2. Deferred tax asset, January 1, 2025, $0. 3. Taxable income for 2025, $117,800. 4. Pretax financial income for 2025, $224,000. 5. 6. Cumulative temporary difference at December 31, 2025, giving rise to future deductible amounts, $43,400. Cumulative temporary difference at December 31, 2025, giving rise to future taxable amounts, $297,600. 7. Tax rate for all years, 20%. 8. The company is expected to operate profitably in the future.