Music Media Ltd$.$ prepares statements quarterly.

Part A:

Required:

Based on $2022$ results, Music's estimated tax liability for $2023$ is $$330,960.$ Music will accrue $\frac{1}{27}$ of this amount at the end of

month $($assume the installments are paid the next day$).$ Prepare the entry on January $31,2023,$ to accrue the tax liability and on

February $1$ to record the payment.

Journal entry worksheet

$12$

Record the payment of installment accrued on January $31.$

Note: Enter debits before credits.At year$-$end, December $31,$ the actual income tax for $2023$ was determined to be $$336,420.$ Prepare the adjusting entry on

December $31$ to record the accrual $($assume $11$ months have been accrued to date in $2023).$ Record the payment on January $1,2024.$

Journal entry worksheet

$12$

Record the payment of Income Tax on January $1,2024.$

Note: Enter debits before credits.Part B:

Required:

Complete the following table assuming Music estimates its tax liability for the year $2023$ to be $$666,000.($Do not round

intermediate calculations.$)$

Assuming that actual tax for the year $2023$ was determined to be $$802,000,$ prepare the appropriate adjusting entry at year$-$end to

bring the balance in the Income Tax Expense account to the correct balance, assuming no accrual has yet been recorded for the fourth

quarter.Calculate Music's actual profit for the year $2023.$