At their fiscal year end, Lorax Corp has an (unadjusted) $60,000 credit balance in their Income Tax Payable account. However, a review reveals that the actual liability is $70,000. Lorax Corp should prepare an adjusting entry as follows: O DR: Income Tax Expense 10,000 CR: Income Tax Payable 10,000 DR: Income Tax Expense 10,000 CR: Cash 10,000 DR: Income Tax Payable 1,000 CR. Income Tax Expense 1,000 DR: Income Tax Expense 100,000 CR: Income Tax Payable 100.000