Journalize entries for the following income-tax-related transactions for Yang & Daughters Inc. for the year ending December 31, 20Y7:

Transcribed Image Text:

20Υ7 Apr. 15. Recorded the first quarter estimated tax liability and payment of $75,000. June 15. Recorded the second quarter estimated tax liability and payment of $75,000. Dec. 31. Recorded the additional income tax and deferred income tax liabilities for the year based upon the preceding estimated tax payments and the following data: Income tax rate 25% Income before income taxes* $1,400,000 Taxable income* 1,280,000 Third quarter estimated taxes paid Fourth quarter estimated taxes paid 75,000 75,000