A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $57,600 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. The estimated amount of the property tax for the current year (May 1 to December 31) is $24,300 Required: a Journalize the two adjusting entries required to bring the accounts affected by the two taxes up to date as of December 31, the end of the current year . Refer to the Chart of Accounts for exact wording of account titles. b. What is the amount of tax expense for the current year? PAGE 1 JOURNAL Score: 35/51 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 Dec 31 Taxes Expense 16,200.00 3 Prepaid Taxes 16,200.00 4 Dec 31 Taxes Expense 38,400.00 1 5 Prepaid Taxes 38,400.00 Points Final Question b. What is the amount of tax expense for the current year? $54,600.00 X 1 Points 011