PLEASE HELP FROM NUMBER 2 to 5
Help Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate com Music Media Ltd. prepares statements quarterly. Part A: Required: 1. Based on 2019 results, Music's estimated tax liability for 2020 is $315,960. Music will accrue 1/22 of this amount at the end of eac 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. Answer is complete and correct. No General Journal Credit 1 Date January 31, 2020 Income tax expense Income tax payable Debit 14,362 14,362 2 February 01, 2020 Income tax payable Cash 14.362 14 362 2 January 01, 2021 Income tax payable Cash SO Part B: Prev 9 of 9!!! Nex user=0&aunch Url=https%253A%2 i Fnewconnect.mheducation.co. Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicam Part B: Required: 3. Complete the following table assuming Music estimates its tax liability for the year 2020 to be $658,500. (Do not round intermediate calculations.) Jan.. Mar. Apr.- June July-Sept Oct.- Dec. $ 290,000 $ 420,000 $ 440.000 $ 520,000 Income before tax Estimated Income tax expense Profit 4. Assuming that actual tax for the year 2020 was determined to be $752.000, prepare the appropriate adjusting entry at year-e bring the balance in the Income Tax Expense account to the correct balance, assuming no accrual has yet been recorded for me quarter Next 2 January 01, 2021 Income tax payable Cash SO Part B: Prev 9 of 9!!! Nex user=0&aunch Url=https%253A%2 i Fnewconnect.mheducation.co. Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicam Part B: Required: 3. Complete the following table assuming Music estimates its tax liability for the year 2020 to be $658,500. (Do not round intermediate calculations.) Jan.. Mar. Apr.- June July-Sept Oct.- Dec. $ 290,000 $ 420,000 $ 440.000 $ 520,000 Income before tax Estimated Income tax expense Profit 4. Assuming that actual tax for the year 2020 was determined to be $752.000, prepare the appropriate adjusting entry at year-e bring the balance in the Income Tax Expense account to the correct balance, assuming no accrual has yet been recorded for me quarter Next