Required information [The following information applies to the questions displayed below.) A company incurred the following transactions: a. Income tax expense of $651 for the current period is accrued. Of the accrual, $105 represents deferred tax liabilities, b. Bonds payable with a face amount of $4,900 are issued at a price of 98. c. Of the proceeds from the bonds in part b, $3,850 is used to purchase land for future expansion d. Because of warranty claims, finished goods inventory costing $144 is sent to customers to replace defective products. e. A three month, 10% note payable with a face amount of $15,000 was signed. The bank made the loan on a discount f. The next installment of a long-term serial bond requiring an annual principal repayment of $48,000 will become due within the current year. basis. a-2. Record the journal entries to show each transaction/adjustment. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 1 6 Income tax expense of $651 for the current period is accrued. Of the accrual, $105 represents deferred tax liabilities. a-2. Record the journal entries to show each transaction/adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4