Shannon Polymers uses straight-line depreciation for financial reporting purposes for equipment costing $680,000 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 $780,000, which includes Interest revenue of $19,000 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. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) View transaction list Journal entry worksheet Record the income tax expense. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal