Larkspur 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 61,500 200.000 301.000 15,900 29.000 3.200 Interest expense Notes payable Retained earnings (Aug. 1, 2020) Salaries expense Sales Supplies expense Unearned revenue $4.000 118,500 288.700 131,000 678,500 10.000 12,200 All accounts have normal balances and total assets equal $806,500. Larkspur has a 20% income tax rate. Prepare a multiple-step income statement. LARKSPUR INC. Income Statement $ $ > LARKSPUR INC. Income Statement $ Total Operating Expenses Proh/(Loss) Investments Other Expenses Operating Expenses Beginning Balance, August 1 Ending Balance, July 31 Drawings Gross Pront Proht From Operations Profit Before Income Tax 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 Credit July 31 (To record income tax expense.)