(j) Income Tax: In 2020, TouchBase recorded the payments of $4,730 it made during 2020 as Income Tax Expense. So far during 2021, TouchBase has made quarterly estimated-tax pre- payments of $7,500, recording them directly to the Income Tax Expense account. TouchBase uses a 22% effective income tax rate to calculate its Income Tax Expense from its Income Before Tax. The final quarterly tax payment for 2021 taxes will not be made until April 15, 2022.

Journal Entry: j) Income Tax

Income Tax

Note: insert rows within the print area as needed

12/31/21

Example debit

99,999

Example credit

99,999

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