Need Help solving this problem from"Advanced Accounting Twelfth Edition Joe B. Hoyle" Ch.8Segment and

Interim Reporting.

what journal entry to be recorded on 15 March & 31 March

Use the following information for Problems 30 and 31. On March 15, Calloway, Inc., paid property taxes of $480,000 for the calendar year. 30. How much of this expense should lGalloway's income statement reect for the quarter ending March 31? a. 0. b. $40,000. 6. $120,000. d. $480,000. 3]. 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. 5. A credit to Cash of $120,000. 6. A debit to Prepaid Property Taxes of $360,000. d. A credit to Prepaid Property Taxes of $40,000