Exercise 21-10 (Algo) Summary entries for cash paid for income taxes [LO21-3]

For each of the five independent situations below, prepare a single journal entry that summarizes the recording and payment of income taxes and determine the amount of cash paid for income taxes. All dollars are in millions.

Situation Income Tax Payable Increase (Decrease) Deferred Tax Liability Increase (Decrease) Cash Paid for Incroacel Taxes Income Tax Expense 18.5 18.5 18.5 18.5 18.5 4.7 4.7 (3.7) 3.7 (3.7) (4.7) 1 Record the summary entry for transaction 1. 2 Record the summary entry for transaction 2 3 Record the summary entry for transaction 3. 4 Record the summary entry for transaction 4. 5 Record the summary entry for transaction 5