The Matrix company began operation as of the beginning of 2015. During 2015, Matrix reported GAAP (book) income befor taxes o f$ 789,500. For income tax purposes, depreciation expense was $ 150,000; for GAAP (book) purposes, depreciation expense was $ 74,000. Matrix accrued $ 900,000 of revenue for GAAP (book) purposes during 2015; $ 600,000 of the accrued revenue was taxable during 2015. Matrix earned interest of $ 79,800 from a municipal bond investment during 2015. Matrix's marginal income tax rate is 40%. Martix did not make any income tax payments during 2015.

a- Determine Matrix's taxable income for the year ended Dec 31, 2015 b- Prepare the 2015 year-end journal entery to record income tax expense.