Kingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable $26,000 64,000 200,000 320,000 14,400 27,500 3,800 Interest expense Notes payable Retained earnings (Aug. 1, 2020) Salaries expense Sales Supplies expense Unearned revenue $4,500 113,000 308,600 130,500 689,000 12,000 12,700 All accounts have normal balances and total assets equal $809,000. Kingbird has a 20% income tax rate. Prepare a multiple-step income statement. KINGBIRD INC. Income Statement Prepare a multiple-step income statement. KINGBIRD INC. Income Statement $ > $ Profit/(Loss $ Question Part Score --/5 Prepare required journal entry to adjust income tax expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit July 31 Credit (To record income tax expense.) Question Part Score --/1