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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
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. Complete this question by entering your answers in the tabs below. Cash Paid for Taxes General Journal Calculate the amount of cash paid for income taxes for each situation. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Situation Income Tax Expense 11.5 Income Tax Payable Increase (Decrease) Deferred Tax Liability Increase (Decrease) Cash Paid for Taxes 1 0 0 2 11.5 4.1 0 3 11.5 0 (3.1) 4 11.5 4.1 3.1 5 11.5 (4.1) (3.1) Cash Paid for Taxes General Journal Prepare a single journal entires that summarizes the recording and payment of income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list X: 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. Credit Note : = journal entry has been entered Record entry Clear entry View general journal
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