Before closing entries are prepared to close revenues, expenses, and dividends declared, the retained earnings balance in the adjusted trial balance is equal to: ded Multiple Choice the balance of retained earnings at the beginning of the year. the balance of retained earnings at the beginning of the next year. the balance of retained earnings after adding revenues and subtracting expenses but before subtracting dividends. the balance of retained earnings at the end of the year. ed A business has a corporate income tax rate of 40%. It has made no tax payments for the year 2020. The taxes have to be paid at the end of the first quarter of 2021. Based on the following accounting data for the year-end December 31, 2020, which of the following should be the adjusting entry required to be made on December 31, 2020 for the corporate income taxes? Revenues Rent Expense Interest Expense $1,135,000 $340,000 $57,000 Salary and Wages Expense $230,000 Depreciation Expense $256,000 Dividends Declared $54,000 Multiple Choice Debit income tax expense 79,200; Credit income tax payable 79,200 Debit income tax payable 100,800; Credit income tax expense 100,800 X Dividends Declared Multiple Choice Submitted 14/20 Total points awarded He $54,000 Debit income tax expense 79,200; Credit income tax payable 79,200 Debit income tax payable 100,800; Credit income tax expense 100,800 Debit income tax expense 100,800; Credit income tax payable 100,800 Debit income tax payable 79,200; Credit income tax expense 79,200