• Selected transactions of Divad Corporation during 2016 follow. DATE TRANSACTIONS Mar. 15 Filed the federal income tax return for 2015. The total tax for the year was $127,550. During 2015, quarterly deposits of estimated tax totaling $122,000 had been made. The additional tax of $5,550 was paid with the return. On December 31, 2015, the accountant had estimated the total tax for 2015 to be $125,800 and had recorded a liability of $3,800 for federal income tax payable. Apr. 15 Paid first quarterly installment of $34,000 on 2016 estimated federal income tax. May 3 Declared dividend of $0.30 per share on the 42,000 shares of common stock outstanding. The dividend is payable on June 2 to stockholders of record as of May 20, 2016. June 2 Paid dividend declared on May 3. 15 Paid second quarterly installment of $34,000 on 2016 estimated federal income tax. Sept. 15 Paid third quarterly installment of $34,000 on 2016 estimated federal income tax. Nov. 2 Declared dividend of $0.30 per share on 42,000 shares of common stock outstanding. The dividend is payable on December 2 to holders of record on November 20. Dec. 2 Paid dividend declared on November 2. 15 Paid fourth quarterly installment of $34,000 on 2016 estimated income tax. 31 Total income tax for 2016 was $136,960. Record as an adjustment the difference between this amount and the total quarterly deposits. Record the above transactions in general journal.

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Date Journals DrCr Debit Credit Mar15 Provision for Income TaxIncome Tax Payable ... View the full answer