Part B: Required: 3. Complete the following table assuming Music estimates its tax liability for the year 2023 to be $652,500. (Do not round intermediate calculations.) Actual profit before tax Estimated income tax expense Profit Answer is complete but not entirely correct. Oct.- July - Sept. $436,000 Dec. $ 516,000 163,125 163, 125 $ 272,875 $352,875 Jan.- Mar. Apr.- June $ 286,000 $416,000 163,125 x 163,125 $ 122,875 $ 252,875

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Formula: Add, Subtract; Cell Referencing Using Excel to Determine Income Tax Effects PROBLEM At December 31, 2022 and 2023, Secor Inc. reported amounts for a deferred tax asset. Information concerning the company's income taxes is provided here. Deferred tax asset, December 31, 2022 Deferred tax asset, December 31, 2023 Current tax expense 2023 Ś 40,000 62,000 70,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area or to this work area. What amount should Secor report as total 2020 income tax expense? 2023 income tax expense Current Tax Expense Prepare the journal entries to record income taxes for 2020. Income Tax Payable Deferred Tax Expense $ Current Tax Expense 22,000 Debit 70,000 22,000 Credit 70,000 22,000