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The records for Blossom Co$.$ show this data for $2025$:

Gross profit on installment sales recorded on the books was $$430,000.$ Gross profit from collections of installment receivables was $$290,000.$

$,$ Life insurance premiums for policies covering company officers were $$3,900.$

$,$ Machinery was acquired in January for $$310,000.$ Straight$-$line depreciation over a ten$-$year life $($no salvage value$)$ is used. For tax purposes, MACRS depreciation is used, and Blossom can deduct $14\%$ for $2025.$

Interest received on tax$-$exempt lowa State bonds was $$9,100.$

The estimated warranty liability related to $2025$ sales was $$21,700.$ Repair costs under warranties during $2025$ were $$13,700.$ The remainder will be incurred in $2026.$

Pretax financial income is $$610,000.$ The tax rate is $20\%.$

$($b$)$

Prepare the journal entry to record income taxes for $2025.($Cr$$dit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Income Tax Expense

Debit

Credit

Deferred Tax Asset

Deferred Tax Liability

Income Tax Payable

List of Accounts

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