Shannon Polymers uses straight$-$line depreciation for financial reporting purposes for equipment costing $$780,000$ and with an expected useful life of four years and no residual value. Assume that, for tax purposes, the deduction is $40\%,30\%,20\%,$ and $10\%$ in those years. Pretax accounting income the first year the equipment was used was $$880,000,$ which includes interest revenue of $$25,000$ from municipal governmental bonds. Other than the two described, there are no differences between accounting income and taxable income. The enacted tax rate is $25\%.$ Prepare the journal entry to record income taxes.