Question 3 10 pts On December 31, 2018, the Irwin Company's accounting records show an unadjusted $60,000 credit balance in the Deferred Income Tax Liability account. The balance is related to the $150,000 difference between the December 31, 2017 recorded values of certain assets for book and income tax purposes. The company uses the straight-line depreciation method for financial statement purposes and accelerated methods for income tax purposes. The following additional information is available. Book Basis Income Tax Basis December 31, 2017 Assets $ 900,000 $750,000 December 31, 2018 Assets $1,000,000 $885,000 2018 Pretax accounting income $450,000 2018 Taxable income $485,000 The $115.000 difference between the book and income tax bases of the assets at December 31, 2018 is due to a combination of the depreciation methods and the company's equipment acquisitions and retirements. The $35,000 difference between the 2018 pretax accounting and taxable income is due to this one temporary difference and various permanent differences. The 2018 corporate tax rate is 40%; however, the enacted corporate tax rate will be 45% efective January 1, 2019 and is not expected to change in the foreseeable future. REQUIRED: Prepare the necessary journal entry to record the 2018 income tax expense and to adjust the deferred income tax account B I VA - A - IE2 11 x x, EE E-2 VLT 12pt Paragraph