brary E Las Positas College G Google Saved ect Hw Ch 9 12 Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 35% of the current month's net income The income taxes are paid in the first month of each quarter amount accrued for the prior quarter. The following information is available for the fourth quarter of year 2017 When tax computations are completed on January 20, 2018, Nishi determines that the quarter's Income Taxes Payable account balance should be $37287 on December 31, 2017 (its unadjusted balance is $32,287) October 2017 net Income Novenber 2017 net incone December 2017 net incone 5 33,000 21,450 37,880 eBook 1. Determine the amount of the accounting adjustment (dated as of December 31, 2017) to produce the proper ending balance in the Income Taxes Payable account (Round intermediate celculations to the nearest whole dollar amount.) Hint Print References 2. Prepare journal entries to record (a) the December 31, 2017, adjustment to the Income Taxes Payable account and (b) the January 20,2018, payment of the fourth-quarter taxes (Round intermediate colculations to the nearest whole dollar amount.) View transaction list Journal entry worksheet Record the December 31, 2017, adjustment to the Income Taxes Payable account. Note: Enter debits before credits