Journalize the entries to record the following selected transactions of Lone Star Leather Co.:
Apr. 15. Paid the first installment of the estimated income tax for the current fiscal year ending December 31, $90,000. No entry had been made to record the liability.
June 15. Paid the second installment of $90,000.
Sept. 15. Paid the third installment of $90,000.
Dec. 31. Recorded the estimated income tax liability for the year just ended and the deferred income tax liability, based on the transactions above and the following data:
Income tax rate ............. 40%
Income before income tax ......... $950,000
Taxable income according to tax return ... $800,000
Jan. 15. Paid the fourth installment of $50,000.