At the beginning of the current fiscal year, Vation Corporation had a deferred income tax liability balance of $15,000, which relates to depreciable assets. During the year, Vation reported the following information: 

■ Income before income taxes for the year was $550,000 and the tax rate was 30%. 

■ Depreciation expense was $45,000 and capital cost allowance was $30,000. 

■ Unearned rent revenue was reported at $40,000. Rent revenue is taxable when the cash is received. There was no opening balance in the unearned rent revenue account at the beginning of the year. 

■ No other items affected deferred tax amounts other than these transactions.

Required:

Prepare the journal entry or entries to record income taxes for the year.