The following trial balance of Pharoah Company at December 31, 2020 has been properly adjusted except...

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The following trial balance of Pharoah Company at December 31, 2020 has been properly adjusted except for the income tax expense adjustment. Pharoah Company Trial Balance December 31, 2020 Dr. Cr. Cash $ 878,000 Accounts receivable (net) 2,710,000 Inventory 2,086,000 Property, plant, and equipment (net) 7,563,000 Accounts payable and accrued liabilities $ 1,770,000 Income taxes payable 651,000 Deferred income tax liability 84,000 Common stock 2,348,000 Additional paid-in capital 3,676,000 Retained earnings, 1/1/20 3,517,000 Net sales and other revenues 12,865,000 Costs and expenses 11,150,000 Income tax expenses 524,000 $24,911,000 $24,911,000 Included in accounts receivable is $1,190,000 due from a customer and payable in quarterly installments of $148,750. The last payment is due December 29, 2022. (hint: 4 quarters of the A/R will be received in 2022.) Included in accounts receivable is $1,190,000 due from a customer and payable in quarterly installments of $148,750. The last payment is due December 29, 2022. (hint: 4 quarters of the A/R will be received in 2022.) In Pharoah's December 31, 2020 balance sheet, The current assets total is $5,525,250 $5,079,000 $5,674,000 $6,198,000 The following trial balance of Pharoah Company at December 31, 2020 has been properly adjusted except for the income tax expense adjustment. Pharoah Company Trial Balance December 31, 2020 Dr. Cr. Cash $ 878,000 Accounts receivable (net) 2,710,000 Inventory 2,086,000 Property, plant, and equipment (net) 7,563,000 Accounts payable and accrued liabilities $ 1,770,000 Income taxes payable 651,000 Deferred income tax liability 84,000 Common stock 2,348,000 Additional paid-in capital 3,676,000 Retained earnings, 1/1/20 3,517,000 Net sales and other revenues 12,865,000 Costs and expenses 11,150,000 Income tax expenses 524,000 $24,911,000 $24,911,000 Included in accounts receivable is $1,190,000 due from a customer and payable in quarterly installments of $148,750. The last payment is due December 29, 2022. (hint: 4 quarters of the A/R will be received in 2022.) Included in accounts receivable is $1,190,000 due from a customer and payable in quarterly installments of $148,750. The last payment is due December 29, 2022. (hint: 4 quarters of the A/R will be received in 2022.) In Pharoah's December 31, 2020 balance sheet, The current assets total is $5,525,250 $5,079,000 $5,674,000 $6,198,000

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