Question: AC3220 Ltd. operates a profitable business in a relatively stable market. Management estimates that monthly profit subject to taxes is $10,000. In order to ensure that the financial statements reflect all current obligations, management estimates the amount of taxes payable each month and makes the appropriate journal entries to the ledger. The company is

AC3220 Ltd. operates a profitable business in a relatively stable market. Management estimates that monthly profit subject to taxes is $10,000. In order to ensure that the financial statements reflect all current obligations, management estimates the amount of taxes payable each month and makes the appropriate journal entries to the ledger. The company is subject to a 15% effective tax rate.\\n\\n \\n\\nInstructions\\n\\na) What is the monthly journal entry?\\n\\nb) At the end of the 12 months, AC3220 completes its tax return and owes the tax authority $28,000 for the year. What is the