The following is selected information from the accounting records of Slow Inc. for 20X9 its first year of operations:

In determining pre-tax accounting earnings, the following deductions were made:

For tax purposes, the following deductions were made:

The capital assets, originally costing $625,000, are depreciated on a straight-line basis over 10 years, zero residual value, with a full year of depreciation taken in 20X9 as the assets were purchased at the start of the year. The tax rate is 36%.

Required:
Slow Inc. is a public company. Prepare the journal entry to record income tax at the end of 20X9.

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Earnings before income taxes $490,000