Shannon Polymers uses straight-line depreciation for financial reporting purposes for equipment costing $520,000 expected useful life of four years and no residual value. Assume that for tax purposes, the deduction is 40%, 30%, those years. Pretax accounting income the first year the equipment was used was $620,000, which includes intere $11.000 from municipal governmental bonds. Other than the two described, there are no differences between acco 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 journ 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 1 Record entry Clear entry View general journal