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Required information The Foundational 15 (Static) [LO13-1, LO13-2] [The following information applies to the questions displayed below] Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows, Its balance sheet for this year is as follows: During the year, Ravenna paid a $6.000 cash dividend and it sold a piece of equipment for $3,000 that had originally cost $6,000 and had accumulated depreciation of $4,000. The company did not retire any bonds or repurchase amy of its own common stack during the year: 'Total ilabilities and stockholders' equity During the year, Ravenna paid a $6.000 cash dividend and it sold a piece of equipment for $3.000 that had originally cost $6.000 and had accumulated depreciation of $4,000. The company did not retire any bonds or repurchase any of its own common stock during the year. Foundational 13-8 (Static) 8-a. If the company debited income tax expense and credited income taxes payable $700 during the year, what is the totat amount of the debits recorded in the Income Taxes Payable account? 8.b. What does the amount of these debits represent? Campiete this question by entering your answers in the tabs below. If the compary debited income tax expense and credited incorne taxes payable 5700 during the year, what is the total amount of the debits recorded in the Income Taxes Payable account? 8-a. If the company debited income tax expense and credited income taxes payable $700 during the year, what is the total amount of the debits recorded in the income Taxes Payable account? 8-b. What does the amount of these debits represent? Complete this question by entering your answers in the tabs below. What does the amount of these debits represent