The records for Shapiro Co$.$ show this data for $2021$:

$$ Accrued revenue recorded on the books was $$450,000.$ Revenue collected was $$320,000.$

$$ Excess depreciation deducted on the tax return is $$16,000.$

$$ Pretax financial income is $$600,000.$ The tax rate is $22\%.$

Instructions

$($a$)$ Prepare a schedule starting with pretax financial income and compute taxable income.

$($b$)$ Prepare the journal entry to record income taxes for $2021.$