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Problem - Stanton Company estimates that its 20-1 income tax will be $80,000. Based on this estimate, it will make four quarterly payments of $20,000 each on April 15, June 15, September 15, and December 15.
Required -
1. Prepare the journal entry for April 15.
2. Assume that all four quarterly payments have been entered in the general journal. On December 31, Stanton's actual income tax amounts to $86,000. This amount will be paid by March 15, 20-2. Prepare the journal entry to record the additional income tax owed.
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