Accrued Income Taxes Nolan Inc. had taxable income of $775,000 for the year. Its effective tax rate is 33%. Nolan pays its income taxes the following April 15th. Required: 1. Given this information, determine the adjusting journal entry that Nolan must make on December 31st. If an amount box does not require an entry, leave it blank. Dec. 31 (Record accrued income taxes) 2. Prepare the journal entry to record the tax payment on April 15th. If an amount box does not require an entry, leave it blank. Apr. 15 88 (Record payment of income taxes)