Lance lawn services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. for tax purposes, the expense is deducted when the cost is incurred. at december 31, 2018, lance has a warranty liability of $2 million and taxable income of $85 million. at december 31, 2017, lance reported a deferred tax asset of $840,000 related to this difference in reporting warranties, its only temporary difference. the enacted tax rate is 40% each year. required: prepare the appropriate journal entry to record lance’s income tax provision for 2018. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. enter your answers in whole dollars.)

Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available.two-thirds of the work related to $15,000 of cash received in advance was performed this period.the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired.wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.