The accounting records of vaughn inc. show the following data for 2020 (its first year of operations). 1. life insurance expense on officers was $9,000. 2. equipment was acquired in early january for $317,000. straight-line depreciation over a 5-year life is used, with no salvage value. for tax purposes, vaughn used a 30% rate to calculate depreciation. 3. interest revenue on state of new york bonds totaled $3,800. 4. product warranties were estimated to be $48,400 in 2020. actual repair and labor costs related to the warranties in 2020 were $9,300. the remainder is estimated to be paid evenly in 2021 and 2022. 5. gross profit on an accrual basis was $103,000. for tax purposes, $79,000 was recorded on the installment-sales method. 6. fines incurred for pollution violations were $4,000. 7. pretax financial income was $722,700. the tax rate is 30%. prepare the journal entry