Journal entry worksheet Record the entry to accrue estimated income tax for January. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2020 Record entry Clear entry View general journal Journal entry worksheet Record the payment of installment accrued on January 31. Note: Enter debits before credits. General Journal Debit Credit Date February 01, 2020 Record entry Clear entry View general journal 2. At year-end, December 31, the actual income tax for 2020 was determined to be $297,420. Prepare the adjusting entry on December 31 to record the accrual (assume 11 months have been accrued to date in 2020). Record the payment on January 1, 2021. View transaction list Journal entry worksheet 1 2 2 > Record the entry to adjust income tax expense to actual income tax. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Journal entry worksheet 1 2 > Record the payment of Income Tax on January 1, 2021. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal Part B: Required: 3. Complete the following table assuming Music estimates its tax liability for the year 2020 to be $646,500. (Do not round intermediate calculations.) Jan.- Mar. Apr.- June July - Sept. Oct.- Dec. $ 282,000 $ 412,000 $ 432,000 $ 512,000 Income before tax Estimated income tax expense Profit 4. Assuming that actual tax for the year 2020 was determined to be $672,000, prepare the appropriate adjusting entry at year-end to bring the balance in the Income Tax Expense account to the correct balance, assuming no accrual has yet been recorded for the fourth quarter. View transaction list Journal entry worksheet 1 Record the entry to adjust income tax expense to actual income tax. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 5. Calculate Music's actual profit for the year 2020. Actual profit