The Collins Co$.$ reported the following information for the year ending December $31,2023$:

Total Revenue: $$1,560,000$

Accounts Receivable: $$300,000$

Total Expenses: $$900,000$

Tax Rate: $35\%$

Required:

Calculate the income before taxes and the tax expense according to GAAP.

Calculate the taxable income and the taxes payable according to the IRS.

Complete the necessary journal entry.