A In each of the following situations, what is the amount of profit or loss? In each situation, what accounts will be debited and credited, and for what amount, in the journal entry to close the Income Summary account? a. The total of the Debit column in the Income Statement section of the worksheet was $650,000 and the total of the Credit column in that section was $518,000 b. The total in the Debit column of the Income Statement section was $704,000 and the total of the Credit column was $764,000. c. The total of the Debit column in the Balance Sheet section of the worksheet was $426,000 and the total of the Credit column in that section was $391,825 B After all revenue and expense accounts, other than Income Tax Expense, have been extended to the Income Statement section of the worksheet of US Trucks, Inc., the net income is determined to be $305,000. Using the corporate tax rate given in this chapter, compute the corporation's federal income taxes payable. (Assume that the firm's taxable income is the same as its income for financial accounting purposes.) C On October 15, 20X1, the board of directors of Trump Inc. declared a cash dividend of $1 per share on its 100,000 outstanding shares of common stock. The dividend is payable on November 15 to stockholders of record on October 30 . Give any general journal entries necessary on October 15 , October 30 , and November 15,20X1. D A corporation has paid estimated income taxes of $50,000 during the year 20x1. At the end of the year, the corporation's tax bill is computed to be $52,000. Give the general journal entry to adjust the Income Tax Expense account. After the revenue and expense accounts were closed into Income Summary on December 31, 20x1, the Income Summary account showed a net loss for the year of $50,000. Prepare the general journal entry to close the Income Summary account