A corporation has paid estimated income taxes of $45,000 during the year 2019. At the end of

Question:

A corporation has paid estimated income taxes of $45,000 during the year 2019. At the end of the year, the corporation’s tax bill is computed to be $49,500. Give the general journal entry to adjust the Income Tax Expense account.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...