Quick Company reports the following revenues and expenses in its pretax financial income for the year ended December 31, 2019:
Revenues .........................................$ 229,600
Expenses ..........................................(160,100)
Pretax financial income ..................$ 69,500
The revenues included in pretax financial income are the same amount as the revenues included in the company’s taxable income. A reconciliation of the expenses reported for pretax financial income to the expenses reported for taxable income, however, reveals four differences:

1. Depreciation deducted for financial reporting exceeded depreciation deducted for income taxes by $11,000.
2. Percentage depletion deducted for income taxes exceeded cost depletion deducted for financial reporting by $15,600.
3. Warranty costs deducted for income taxes exceeded warranty expenses deducted for financial reporting by $8,900.
4. Legal expense of $9,800 was deducted for financial reporting; it will be deducted for income taxes when paid in a future year.
Quick expects its percentage depletion to exceed its cost depletion in each of the next 5 years by the same amount as in 2019. At the end of 2019, the other three expenses are expected to result in total future taxable or deductible amounts as follows:

.................................................................................Totals
Future Taxable Amounts
Depreciation expense difference ..................$63,000
Future Deductible Amounts
Warranty expense difference ..........................48,400
Legal expense difference ..................................9,800
At the beginning of 2019, Quick had a deferred tax liability of $22,200 related to the depreciation difference and a deferred tax asset of $17,190 related to the warranty difference. The income tax rate for 2019 is 35%, but in 2018 Congress enacted a 30% rate for 2020 and future years.

Required:
1. Compute Quick’s taxable income for 2019.
2. Prepare Quick’s income tax journal entry for 2019. Assume no valuation allowance is necessary.
3. Prepare a condensed 2019 income statement for Quick.