The income tax expense entry earlier given below. Assume that the business overpaid its income tax for the year; the total of installment payments during the year was $50,000 more than its $910,000 income tax for the year. The overpayment will be refunded to the business. Prepare the summary journal entry for income tax expense.
|
Income Tax Expense |
$910,000.00 |
|
Cash |
$830,000 |
|
Accrued Expenses Payable |
$80,000.00 |