The accounting records of Sheridan inc show the following data for 2017 (its first year of operations). 1. Life insurance expense on officers was $11,000 2. Equipment was acquired in early January for $276,000. Straight-line depreciation over a 5 -year life is used, with no salvage value. For tax purposes, Sheridan used a 30% rate to calculate depreciation. 3. Interest revenue on 5 tate of lowa bonds totaled 53,000 . 4. Product warranties were estimated to be 547,000 in 2017. Actual repair and labor costs related to the warranties in 2017 were 59,000 . The remainder is estimated to be paid evenly in 2018 and 2019. 5. Pretax financial income was $784,000. The tax rate is 30%. (a) Your answer is correct. Prepare a schedule starting with pretax financial income in 2017 and ending with taxable income in 2017. Prepare thejcurnal entry for 2017 to record income taces payable, income tax expense, and deferred income taxes. (Credit occount titles ore autamatically indented when amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts)