Required information [The following information applies to the questions displayed below.) Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Ending Balance $ 77,400 63,400 85,100 225,900 228,000 76,000 152,000 $ 377,900 Beginning Balance $ 92,550 68,200 77,500 238,250 217,000 54,250 162,750 $ 401,000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 49,600 38,600 93,000 108,500 88,200 $ 377,900 $ 88,200 48,300 77,500 93,000 94,000 $ 401,000 During the year, Ravenna paid a $9,300 cash dividend and it sold a piece of equipment for $4,650 that had originally cost $10,200 and had accumulated depreciation of $6,800. The company did not retire any bonds or repurchase any of its own common stock during the year. Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Ending Balance $ 77,400 63,400 85,100 225,900 228,000 76,000 152,000 Beginning Balance $ 92,550 68,200 77,500 238,250 217,000 54,250 162,750 $ 377,900 $ 401,000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 49,600 38,600 93,000 108,500 88,200 $ 377,900 $ 88,200 48,300 77,500 93,000 94,000 $ 401,000 During the year, Ravenna paid a $9,300 cash dividend and it sold a piece of equipment for $4,650 that had originally cost $10,200 and had accumulated depreciation of $6,800. The company did not retire any bonds or repurchase any of its own common stock during the year. 8-a. If the company debited income tax expense and credited income taxes payable $1,150 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? 8-b. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Req 8A Req 8B If the company debited income tax expense and credited income taxes payable $1,150 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? Total amount of debits recorded Cash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets $ 77,400 63,400 85,100 225,900 228,000 76,000 152,000 $ 377,900 $ 92,550 68,200 77,500 238,250 217,000 54,250 162,750 $ 401,000 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total liabilities and stockholders' equity $ 49,600 38,609 93,000 108,500 88,200 $ 377,900 $ 88,200 48,300 77,500 93,000 94.000 $ 401,000 During the year, Ravenna paid a $9,300 cash dividend and it sold a piece of equipment for $4,650 that had originally cost $10,200 and had accumulated depreciation of $6,800. The company did not retire any bonds or repurchase any of its own common stock during the year. 8-a. If the company debited income tax expense and credited income taxes payable $1,150 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? 8-b. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. Req 8A Reg 8B What does the amount of these debits represent? Taxes payable O Tax refunds Cash paid for income taxes