The records for Bosch Co. show this data for 2015:

• Gross profit on installment sales recorded on the books was $420,000. Gross profit from collections of installment receivables was $280,000 for tax purpose.
• Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used for financial reporting. For tax purposes, MACRS depreciation is 42,000 for 2015.
• Interest received on tax exempt Iowa State bonds was $9,000.
• Pretax financial income is $600,000. The tax rate is 30%.

1) Find out the taxable income for 2015.

2) Prepare the journal entry to record income taxes for 2015.

Please show your calculations.