Shannon Polymers uses straight$-$line depreclation for financial reporting purposes for equipment costing $$600,000$ and with an expected useful life of four years and no residual value. Assume that, for tax purposes, the deduction is $40\%,30\%,20\%,$ and $10\%$ in those years. Pretax accounting income the first year the equipment was used was $$700,000,$ which includes interest revenue of $$15,000$ 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.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" In the first account fleld.

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$\backslash$table$[[,$No$,$Transaction,General Journal,Debit,Credit$],[\%,1,1,$Income tax expense,$171,250,],[,,$Income tax payable,,$],[,,$Deferred tax liability,,?$]]$