The accounting records of Marin Inc. show the following data for 2020 (its first year of operations).

1.		Life insurance expense on officers was $8,300.
2.		Equipment was acquired in early January for $328,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Marin used a 30% rate to calculate depreciation.
3.		Interest revenue on State of New York bonds totaled $4,400.
4.		Product warranties were estimated to be $48,700 in 2020. Actual repair and labor costs related to the warranties in 2020 were $9,500. The remainder is estimated to be paid evenly in 2021 and 2022.
5.		Gross profit on an accrual basis was $102,000. For tax purposes, $74,600 was recorded on the installment-sales method.
6.		Fines incurred for pollution violations were $5,000.
7.		Pretax financial income was $704,200. The tax rate is 30%.

Prepare the journal entry for 2020 to record income taxes payable, income tax expense, and deferred income taxes.

Schedule of Pretax Financial Income and Taxable Income for 2020 Pretax financial income $ 704200 Permanent differences Insurance Expense 8300 Bond Interest Revenue -4400 Pollution Fines 5000 713100 Temporary differences Depreciation Expense -32800 Installment Sales -27400 Warranty Expense 39200 Taxable income 692100 (b) Prepare the journal entry for 2020 to record income taxes payable, income tax expense, and deferred income taxes. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Income Tax Expense Deferred Tax Asset Deferred Tax Liability Income Tax Payable