Property Taxes Kellman Jerkirer Inc. has a December 31 year-end. The local municipality billed the entire 2018 property taxes of \(\$ 20,000\) on April 1, 2018. Kellman paid \(\$ 4,000\) of the 2018 property taxes on May 31, 2018.

Required:

Calculate the balance of the property tax payable or prepaid property tax account as at May 31, 2018.

\section*{Cornerstone Exercise