Music Media Ltd. prepares statements quarterly Part A: Required: 1. Based on 2019 results, Music's estimated tax liability for 2020 is $300,960. Music will accrue 1/17 of this amount at the end of each month (assume the installments are paid the next day). Prepare the entry on January 31, 2020, to accrue the tax liability and on February 1 to record the payment.