The records for Bosch Co. show this data for 2023: Installment sales recorded on the books was $480,000. Collection of installment receivables for the year which was reported on the tax return was $320,000. Life insurance premiums paid for policies on key officers was $3,800. Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Bosch may deduct 14% of the $300,000 cost in 2023. Interest received on tax exempt State of Wisconsin bonds was $9,000. $21,600 of estimated warranty expense, and the related liability, on current sales was recorded in the books for 2023. Actual repair costs under warranties during 2023 were $13,600; this amount was deducted on the company's tax return. Pretax financial income is $700,000. The tax rate is 30%. Instructions (a) Prepare a schedule starting with pretax financial income and compute taxable income. (b) Prepare the journal entry to record income taxes for 2023.