Calculate and accrue corporate income tax expense at the end of the 13 weeks. The corporate tax rate is 25%. If you have a net loss, calculate a tax credit and record it as a Deferred Tax Asset. Hint: This should be your final adjusting journal entry

Complete closing entries, income statement and balance sheet

MONOPOLY Trial Balances For The Quarter Ended December 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Balance Dr Cr 1,363 1,363 312 267 780 780 700 Dr Dr 160 16 650 650 650 3,000 0 550 3,000 Account Title Cash Prepaid Insurance Land Houses Accumulated Depreciation - Houses Equipment Accumulated Depreciation - Equipment Notes Payable Unearned Management Fee Revenue Common Stock Retained Earnings Dividends Management Fee Revenue Rent Revenue Gain from Lawsuit Depreciation Expense - Houses Depreciation Expense - Equipment Insurance Expense Rent Expense Property Tax Expense Repair Expense Legal Fee Expense Loss from Lawsuit Total 100 90 100 100 40 100 50 4,490 4,490 182 182 4,527 4,527 MONOPOLY Trial Balances For The Quarter Ended December 31, 2019 Unadjusted Trial Balance Adjustments Adjusted Balance Dr Cr 1,363 1,363 312 267 780 780 700 Dr Dr 160 16 650 650 650 3,000 0 550 3,000 Account Title Cash Prepaid Insurance Land Houses Accumulated Depreciation - Houses Equipment Accumulated Depreciation - Equipment Notes Payable Unearned Management Fee Revenue Common Stock Retained Earnings Dividends Management Fee Revenue Rent Revenue Gain from Lawsuit Depreciation Expense - Houses Depreciation Expense - Equipment Insurance Expense Rent Expense Property Tax Expense Repair Expense Legal Fee Expense Loss from Lawsuit Total 100 90 100 100 40 100 50 4,490 4,490 182 182 4,527 4,527