Killarney Exhibits Inc

Multiple Choice

Killarney Exhibits Inc.received its annual property tax bill for $21,500 in January.It was paid when due on March 31.Killarney Exhibits year end is Dec 31.The Dec 31 balances should be

A) $5,375 for Prepaid Property Tax; $16,125 for Property Tax Expense.
B) $5,375 for Prepaid Property Tax; $5,375 for Property Tax Payable.
C) $0 for Prepaid Property Tax; $0 for Property Tax Payable.
D) $1,792 for Prepaid Property Tax; $19,708 for Property Tax Expense.