Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Music Media Ltd. prepares statements quarterly. Part A: Required: 1. Based on 2022 results, Music's estimated tax liability for 2023 is $288,960. Music will accrue 1/13 of this amount at the end of each month (assume the installments are paid the next day). Prepare the entry on January 31, 2023, to accrue the tax liability and on February 1 to record the payment. Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 January 31, 2023 Income tax expense 24,080 Income tax payable 24,080 2 February 01, 2023 Income tax payable Cash 24,080 24,080 2. At year-end, December 31, the actual income tax for 2023 was determined to be $294,420. Prepare the adjusting entry on December 31 to record the accrual (assume 11 months have been accrued to date in 2023). Record the payment on January 1, 2024. Answer is complete but not entirely correct. No Date General Journal Debit Credit Return to question