Record the following transactions for Bristol Myers Squibb Company for the month of July 2026 and calculate the income tax expense:

• Jul 1: Received $500,000 in cash from the issuance of bonds payable.
• Jul 5: Purchased inventory worth $250,000 on credit.
• Jul 10: Paid $100,000 in cash for advertising expenses.
• Jul 15: Sold pharmaceutical products for $300,000 in cash.
• Jul 20: Paid $50,000 in cash for office rent.
• Jul 25: Received utility bills totaling $40,000, payable next month.
• Jul 31: Collected $200,000 in cash from customers for services provided.

Tax Rate: 28%