A Company's Income Statement Reported Net Income of $80,000 During

Essay

A company's income statement reported net income of $80,000 during 2014. The income tax return excluded a revenue item of $10,000 (reported on the income statement) because under the tax laws the $10,000 would not be reported for tax purposes until 2015.
Required:
Prepare the journal entry to record the 2014 income tax expense assuming a 40% tax rate.