WileyPlus: The accounting records of Concord Inc. show the following data for 2025 (its first year of operations).

1. Life insurance expense on officers was $9,400.

2 Equipment was acquired in early January for $275,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Concord used a 30% rate to calculate depreciation.

3 Interest revenue on State of New York bonds totaled $3,800.

4. Product warranties were estimated to be $52,500 in 2025. Actual repair and labor costs related to the warranties in 2025 were 59,700. The remainder is estimated to be paid evenly in 2026 and 2027.

5. Gross profit on an accrual basis was $96,000. For tax purposes, $72,100 was recorded on the installment-sales method.

6. Fines incurred for pollution violations were $4,200.

7. Pretax financial income was $739,000. The tax rate is 30%.

Prepare the journal entry for record income taxes payable, income tax expense, and deferred income taxes