Arrow Company began operations at the beginning of 2016. At the end of 2016, Arrow reported taxable

Question:

Arrow Company began operations at the beginning of 2016. At the end of 2016, Arrow reported taxable income of $ 20,800 and pretax financial income of $ 22,200 because of a single temporary difference. The income tax rate for the current year is 30%, but Congress has enacted a 40% tax rate for 2017 and beyond.
Required:
Prepare Arrow’s income tax journal entry at the end of 2016.