Cullumber Industries has been making quarterly tax instalment payments at the start of each quarter in the amount of $$4,700$ per quarter throughout the year based on the previous year's income tax. At the end of the year, Cullumber determined that the total current year's income tax obligation was $$22,100.$

Determine the account and the amount to report in the current liabilities section of Cullumber's year$-$end statement of financial position assuming the above details.

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Question Part Score

$-\frac{-}{2}$

Determine the account and the amount to report in the current assets section of Cullumber's year$-$end statement of financial position assuming the quarterly instalment payments were $$5,775$ per quarter.