Check my work 5 20 points Wharton, Inc., pays income taxes on capital gains (including gains on marketable securities) at a rate of 30 percent. At December 31 year 1, the company owns marketable securities that cost $180,000 but have a current market value of $220,000 b. As of December 31, year 1. What income taxes has Wharton paid on the increase in value of these investments? c. Prepare a journal entry at January 4, year 2. to record the cash sale of these investments at $220,000 d. What effect will the sale recorded in part chave on Wharton's tax obligation for year 2? UM Complete this question by entering your answers in the tabs below. rences Required B Required Required D As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments? Income tax pold on the increase in the securities value Renud Required