Q1. The following information is available for the first three years of operations for Cooper Company: 1. Year Taxable Income 2017 $500,000 2018 375,000 2019 400,000 2. On January 2,2017, heavy equipment costing $800,000 was purchased. The equipment hada life of 5 years and no salvage value. The straight-line method of depreciation is used for book purposes and the tax depreciation taken each year is listed below: Tax Depreciation 2019 $264,000$360,000 $120,000 $56,000 $800,000 2017 2018 2020 Total 3. The enacted tax rates are 40% for all years. Instructions (a) Compute the pretax income for 2017. (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2017