Nilson Inc. had accounting income of $156,000 in 2023. Included in the calculation of that amount is the CEO’s life insurance expense of $5,000, which is not deductible for tax purposes. In addition, the UCC for tax purposes is $14,000 lower than the net carrying amount of the property, plant, and equipment, although the amounts were equal at the beginning of the year. Prepare Nilson’s journal entry to record 2023 taxes, assuming the company follows IFRS and has a tax rate of 25%.