A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $50,400 to the city for taxes (license foes) for the next 12 months and debited the prepaid taxes account. Az Construction is also required to pay in January an annual tax (on property) for the current calendar year of $27,700. 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 accounties b. What is the amount of tax expense for the current year? Journal a Joumalize 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 Account for exact wording of account titles JOURNAL ACCOUNTING EQUATION DATE POST, RIT DESTION Adjusting Entries CREDIT 1 ASSETS LIABILITIES EQUITY justing entries for prepaid and accrued taxes Instructions Chart of Accounts Journal Final Question Instructions Journal Final Question a. the two taxe for b. What is the amount of tax expense for the current year? POST. REF. 1 Check My Work All work saved