Music Media Ltd. prepares statements quarterly. Part A: Required: 1. Based on 2022 results, Music's estimated tax liability for 2023 is $288,960. Music will accrue 1/13 of this amount at the end of each month (assume the instailments are paid the next day). Prepare the entry on January 31,2023 , to accrue the tax liability and on February 1 to record the payment. 1 Record the entry to accrue estimated income tax for January. 2 Record the payment of installment accrued on January 31. 2. At year-end, December 31 , the actual income tax for 2023 was determined to be $294,420. Prepare the adjusting entry on December 31 to record the accrual (assume 11 months have been acerued to dote in 2023). Record the payment on January 1, 2024, 1 Record the entry to adjust income tax expense to actual income tax. 2 Record the payment of Income Tax on January 1, 2024. Note : 1 = journal entry has been entered Part B: Required: 3. Complete the following table assuming Music estimates its tax liability for the year 2023 to be $645,000. (Do not round intermediate calculations.) 4. Assuming that actual tax for the year 2023 was determined to be $662,000, 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. 4. Assuming that actual tax for the year 2023 was determined to be $662,000, 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. Journal entry worksheet Record the entry to adjust income tax expense to actual income tax, Note: Eipter debits before credits: Record the entry to adjust income tax expense to actual income tax. Note: Enter debits before crests. 5. Calculate Music's actual profit for the year 2023