Part #1 [Multiple temporary differences] On December 31, 2020, for GAAP purposes, Cubs Inc. reported a balance of $210,000 in Prepaid Maintenance Expense for services to be received over the following year. For tax purposes, however, prepaid costs are deducted immediately when paid. Estimated litigation accrual of $60,000, not deductible for tax purposes, was identified as another temporary difference. Settlement not expected to take place until 2022. Cubs Inc. reported interest revenue of $5,000 from investment in municipal bonds during the year 2020. Pretax GAAP income is $900,000 and the tax rate is 25%. Assume no other temporary differences or any beginning balances in deferred tax accounts. Requirement [15 points) Record the income tax journal entry on December 31, 2020