On March 15 Calloway Inc, paid property taxes of $480,000 for the calendar year. The journal entry

Question:

On March 15 Calloway Inc, paid property taxes of $480,000 for the calendar year. The journal entry at March 15 to record the payment of property taxes would include which of the following?
a. A debit to Property Tax Expense of $480.000.
b. A credit to Cash of $120,000.
c. A debit to Prepaid Property Taxes of $360,000.
d. A credit to Prepaid Property Taxes of $40.000.