Juornalize the entries to record the follwing selected transactions of Supernatural Grave Markers Inc.April 15. Paid the first installment of the estimated income tax for the current fiscal year ending December 31, $80,000. No entry had been mad to record the liability.
June 15. Paid the second installment of $80,000.
Sept 15. Paid the third installment of $80,000
Dec. 31 Recorded the estimated income tax liability for the year just ended and deferred income tax liabitiy, based on the transactions above and the following data:
Income tax rate................................40%
Income before income tax............$1,200,000
taxable income according to tax return..$850,000
Jan. 15 Paid the forth installment of $100,000