Shannon Polymers uses straight$-$line depreciation for financial reporting purposes for equipment costing $$880,000$ and with an expected useful life of four years and no residual value. Assume that, for tax purposes, the deduction is $40\%,30\%,20\%,$ and $10\%$ in those years. Pretax accounting income the first year the equipment was used was $$1,000,000,$ which includes interest revenue of $$30,000$ from municipal governmental bonds. Other than the two described, there are no differences between accounting income an taxable income. The enacted tax rate is $25\%.$

Prepare the journal entry to record income taxes. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[1,1,$Income tax expense,,$],[,,$Deferred tax liability,,$33,000],[,,$Income tax payable,,$]]$