A company facing a 25% tax rate has calculated its taxable income for the year to be $2,400,000. It made installment payments during the year totalling $650,000; this amount has been recorded in an asset account as "income tax installments." Required Prepare the journal entry to record the adjusting entry for income taxes at the end of the year under the taxes payable method. (Record debits first, then credits. Explanations are not required.) Date Accounts Debit Credit