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 installments 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.

$2.$ 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 accrued to date in $2023).$ Record the payment on January $1,2024.$

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.

$5.$ Calculate Music$$s actual profit for the year $2023.$