Journalize the entries to record the following selected transactions of Lone Star Leather Co.:obj. 5 Apr. 15.

Journalize the entries to record the following selected transactions of Lone Star Leather Co.:obj. 5

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Apr. 15. Paid the first installment of the estimated income tax for the current fiscal year ending December 31, $90,000. No entry had been made to record the liability. June 15. Paid the second installment of $90,000. Sept. 15. Paid the third installment of $90,000. Dec. 31. Recorded the estimated income tax liability for the year just ended and the deferred income tax liability, based on the transactions above and the following dala: Income tax rate Income before income tax Taxable income according to tax return Jan. 15. Paid the fourth installment of $50,000. 40% $950,000 $800,000