Problem 8 Cowboys Co. reports taxable income of $700,000 on its income tax return for the year ended December 31, 2015, its first year of operations. Temporary differences between financial income and taxable income for the year are as follows: $100,000 175,000 Tax depreciation in excess of book depreciation Accrual for product liability claims in excess of actual claims (estimated product claims payable is a current liability) Reported installment sales income in excess of taxable installment sales income (installments receivable is a current asset) 325,000 The enacted income tax rate is 30% for 2015 and all future years. Prepare the journal entries necessary to record income taxes for 2015