Music Media Ltd. prepares statements quarterly. Part A: Required: 1. Based on 2019 results, Music's estimated tax liability for 2020 is $339.960. Music will accrue 1/30 of this amount at the end of each month (assume the instaliments 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. 4. Assuming that actual tax for the year 2020 was determined to be $832,000, 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. Hote| Lrier debifs belore credita| 5. Calculate Music's actual profit for the year 2020