Shannon polymers uses straight line depreciation for financial reporting purposes for equipment costing $800,000 and with an expected useful life of four years and no residuals value. Assume that, for tax purposes the deduction is 40%, 30%, and 20% and 10% in those years. Pretax accounting income the first year the equipment was used was $900,000 which includes interest revenue of $20,000 from municipal government 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.