Objective: To calculate and record corporate income taxes In January,20X2, the accountant for Timmers Corporation estimated the company's net income for the year as $698,000. A year-end income statement reported actual net income of $715,000. 

Directions: 

1. Make the general journal entries to record quarterly payments of Timmer's estimated income taxes (April 15, June 15, September 15, and December 15). 

2. Make an adjusting entry for any additional income taxes owed by Timmer's at year-end.