The Good Food Company, during its first year of operations in 2016, reported taxable income of $40,000 and pretax financial income of $50,000. The difference between taxable income and pretax financial income was caused by two temporary differences:Excess depreciation on tax return of $30,000Warranty expenses in excess of warranty payments of $20,000These two temporary difference will reverse in the next three years as follows:YEAR DEPRECIATION WARRANTY EXPENSES2017$5,000$10,0002018$10,000 8,0002019$15,000 2,000Enacted tax rates are 30% for 2016 and 2017, 35% for 2018, and 40% for 2019.REQUIRED: Prepare the income tax journal entry for The Good Food Company for December 31, 2016.