Renault Corporation began 2018 with a $5,000 balance in the Deferred Tax Liability account. At the end of 2018, the related cumulative temporary difference amounts to $80,000, and it will reverse evenly over the next 2 years. The tax rate for all years is 40%, and taxable income for 2018 is $300,000. Please prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2018.

Please provide all work in terms of calculations.