The information that follows pertains to Julia Company: (a) Temporary differences for the year 2024 are summarized below. Expenses deducted in the tax return, but not included in the income statement: Depreciation Prepaid expense $ 55,000 7,500 Expenses reported in the income statement, but not deducted in the tax return: Warranty expense $ 8,500 (b) No temporary differences existed at the beginning of 2024. (c) Pretax accounting income was $61,500 and taxable income was $7,500 for 2024. (d) There were no permanent differences. (e) The tax rate is 35%. Required: Prepare the journal entry to record the tax provision for 2024. Note: 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 income taxes. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Income tax expense Deferred tax asset Record entry Clear entry View general journal