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A partial adjusted trial balance follows for Bonita Ltd. at January 31, 2021. The company's...

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Accounting

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A partial adjusted trial balance follows for Bonita Ltd. at January 31, 2021. The company's fiscal year end is December 31 and it makes adjustments monthly. It has already recorded any required adjusting journal entries for the month of January and the amounts shown below are correct. If $90 of Income Tax Expense was accrued in January and $75 of the Income Tax Payable was paidduring the month, what was the balance in Income Tax Payable at January 1? (Hint: Prepare the adjusting journal entry for this transaction, post to the Income Tax Expense and Income Tax Payable T accounts, and work backward to determine the opening balance.) The balance in Income Tax Payable

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