The following is selected information from the accounting records of Slow Inc. for 20X9 its first year of operations: Earnings before income taxes $630,000 In determining pre-tax accounting earnings, the following deductions were made: a. Golf club dues b.Accrued warranty costs c.Depreciation 19,500 54,000 69,500 For tax purposes, the following deductions were made: a.Warranty costs incurred b.CCA 39,500 139,000 The capital assets, originally costing $695,000, are depreciated on a straight-line basis over 10 years, zero residual value, with a full year of depreciation taken in Year 1. The tax rate is 38%. Required: Prepare the journal entry to record income tax at the end of 20X9. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet 1 Record the entry for current and deferred tax benefit and expense. Note: Enter debits before credits. Date General Journal Debit Credit 20X9 Income tax expense Deferred income tax Income tax payable Record entry Clear entry View general journal The following is selected information from the accounting records of Slow Inc. for 20X9 its first year of operations: Earnings before income taxes $630,000 In determining pre-tax accounting earnings, the following deductions were made: a. Golf club dues b.Accrued warranty costs c.Depreciation 19,500 54,000 69,500 For tax purposes, the following deductions were made: a.Warranty costs incurred b.CCA 39,500 139,000 The capital assets, originally costing $695,000, are depreciated on a straight-line basis over 10 years, zero residual value, with a full year of depreciation taken in Year 1. The tax rate is 38%. Required: Prepare the journal entry to record income tax at the end of 20X9. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet 1 Record the entry for current and deferred tax benefit and expense. Note: Enter debits before credits. Date General Journal Debit Credit 20X9 Income tax expense Deferred income tax Income tax payable Record entry Clear entry View general journal