During the current year, Casual Wear Co. had retail sales of $800,000 and also collected a 5% state sales tax on this retail sales value. At the end of the prior year, Casual Wear had $4,500 in sales taxes that had not been remitted to the state authorities. During the current year, Casual Wear remitted $39,500 in state sales tax. What amount should be recorded in Casual Wear's current-year financial statements? $5,000 in sales tax payable $39,500 in sales tax expense. $40,000 in sales tax revenue. $840,000 in sales revenue