Part A. Konyariavil 2020). Recwar the pasment si Jarmary 1,2021 . Part B: Noviairevt 3. Complete the following fable assuming Music estimates its lax nablity for the year 2020 in he S640.000. 4. Assuming fhat ateraal tax for the year 2020 was deterimined to be 5652,000 , prepare the appropiate atfisting entry at year-end to bring the balance in the Income Tix Hxpense account to the correct balince. arsuming no accrual has yet been recorded for the fourth quarter. 5. Calculate Musie's actual profit for the year 2020 . Fivercise 10-17 Income taxes payable LO4 CHECK FIGURE 5, $978,000 Music Media L.td. prepares statements quarterly. Part A: Required 1. Based on 2019 results, Music's estimated tax liability for 2020 is $285,960. Music will accrue 1/12 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. 2. At year-end, December 31, the actual income tax for 2020 was determined to be $291,420. Prepare the adjusting entry on December 31 to record the accrual (assume 11 months have been acerued to date in 2020). Record the payment on January 1, 2021. Part B: Required 3. Complete the following table assuming Music estimates its tax liability for the year 2020 to be $640,000. 4. Assuming that actual tax for the year 2020 was determined to be $652,000, prepare the appropriate ad. justing entry at year-end to bring the balance in the Income Tax Expense account to the correct balance. assuming no accrual has yet becn recorded for the fourth quarter. 5. Calculate Music's actual profit for the year 2020