The Banin Company was established in 2016. During this year it purchased one asset with five years of useful life. The asset is depreciated based on a straight-line method for financial reporting, and based on an (unspecified) accelerated method for tax reporting. In 2017, the Banin Company was fined $20,000 for unsportsmanlike conduct. The fine is not deductible for tax purposes. There were no other differences between financial and tax reporting over the years. Required: a. Assume the pretax financial income (based on GAAP) in 2016 was $160,000, the taxable income for 2016 (based on the tax code) was $100,000, and the tax rate was 30%. Provide the journal entry to record the income tax expense for 2016.