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 700 Income Tax expense 700 OB. Income Tax Payable Cash 700 700 OC. Income Tax Expense 700 Income Tax Payable 700 OD. Income Tax Expense Cash 700 700