2. Munoz Corp.'s books showed pretax financial income of $3,600,000 for the year ended December 31, 2021. In the computation of federal income taxes, the following data were considered: Gain on an involuntary conversion $1,560,000 (Munoz has elected to replace the property within the statutory period using total proceeds.) Depreciation deducted for tax purposes in excess of depreciation deducted for book purposes 240,000 Federal estimated tax payments, 2021 200,000 Enacted federal tax rate, 2021 20% Question.)Prepare the accounting entry for taxes on Munoz Corps Books for 2021.

3.. Haag Corp.'s 2021 income statement showed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2021 data are provided: Income from exempt municipal bonds $ 100,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 200,000 Estimated federal income tax payments made 330,000 Enacted corporate income tax rate 20% Question.)Prepare the accounting entry on Haag Corps books for 2021