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42. The Antarctica Company closed its books annually on December 31, while the city in which it is located has a fiscal year beginning on
42. The Antarctica Company closed its books annually on December 31, while the city in which it is located has a fiscal year beginning on April 1 and ending on March 31. Taxes on property are assessed on April 1 of each year. Property taxes in the amount of $360,000 and $390,000 were assessed on April 1, 2013 and 2014, respectively. For the year ended December 31, 2014, the Antarctica Company would report property tax expense of A. $360,000 B. $370,000 C. $382,500 D. $390,000
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