Black, Inc., is a domestic corporation with the following balance sheet for book and tax purposes at the end of the year.Assume a 35% corporate tax rate and no valuation allowance. 
Black, Inc.'s, book income before tax is $6,000.Black records two permanent book-tax differences.It earned $250 in tax-exempt municipal bond interest, and it incurred $500 in nondeductible meals and entertainment expense.Provide the journal entry to record Black's current tax expense.
Definitions:
FIFO
An inventory valuation method where the first items placed in inventory are the first sold, standing for "First-In, First-Out."
Process Cost System
An accounting system used to apply costs to similar products that are mass-produced in a continuous fashion.
Shampoo Manufacturer
A company that specializes in producing and possibly formulating shampoos for cleaning hair and scalp.
Yield Measures
Financial metrics that represent the earnings generated and realized on an investment over a particular period, expressed as a percentage of the investment's cost or current value.
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