Wicks Corporation began operations on January 1, 2016. At the end of 2016, Wicks reported pretax financial income of $55,600 and taxable income of $60,130, due to two temporary differences. The income tax rate is 30% for 2016 through 2018, but Congress has enacted a tax rate of 35% for 2019 and beyond. To determine its deferred taxes, Wicks prepared the following schedule of expected future taxable and deductible amounts for the two temporary differences:

	2017	2018	2019	2020
Future taxable amounts	$4,600	$4,000	$4,600	$4,600
Future deductible amount			(15,300)

Required:

1.	Prepare Wickss income tax journal entry at the end of 2016. Assume a valuation allowance is not required.
2.	Prepare the lower portion of the 2016 income statement for Wicks.