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Swifty Ltd, made four quarterly payments of $3,200 each to the Receiver General for Canada...

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Accounting

Swifty Ltd, made four quarterly payments of $3,200 each to the Receiver General for Canada during 2023 as instalment payments on
its estimated 2023 corporate tax liability. At year end, Swifty's controller completed the company's 2023 tax return, which showed
income tax owing of $24,800 on its 2023 income.
(a)
Your answer is partially correct.
Prepare the summary entry for the quarterly tax instalments and the year-end adjusting entry to recognize the 2023 income tax.
(Credit account tities are automatically indented when the amount is entered. Do not indent manually, List ail debit entries before credit
entries. If no entry is required, select "No Entry' for the account titles and enter O for the amounts.)
Account Tities and Explanation
Debit
Credit
Income Tax Expense
(To record current tax payments)
(To accrue current tax expense)
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