It's an MCQ.

At their fiscal year end, Lorax Corp has an (unadjusted) $62,000 credit I point balance In their Income Tax Payable account. However, a review reveals that the actual liability is $70,000, Lorax Corp should prepare an adjusting entry to debit Income Tax Expense for $8,000 and credit Income Taxes Payable for $8.000. O False O True