Jacobs Company owes $700 of federal corporate income taxes recorded last month as a liability. The amount is now paid to the federal government. The journal entry to record this payment would be: OA. Income Tax Payable Income Tax expense O B. Income Tax Payable Cash 700 700 700 700 700 OC. Income Tax Expense Income Tax Payable 700 OD. Income Tax Expense 700 Cash 700