Exercise 7-8 Other accrued liabilities-real estate taxes LO 5 [The following information applies to the questions displayed below.] Calista Co. operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2013 are issued in May 2014 and are payable in July 2014. References Section BreakExercise 7-8 Other accrued liabilities-real estate taxes LO 5 6. value: 2.50 points Required information Exercise 7-8 Part b - Journal entry b.2 Record the journal entry to show the effect of accruing 2013 taxes of $7,300 at December 31, 2013. References WorksheetDifficulty: Hard Exercise 7-8 Part b - Journal entryLearning Objective: 07-05 Discuss the importance of making estimates for certain accrued liabilities and show how these items are presented in the balance sheet. Check my work 7. value: 2.50 points Required information Exercise 7-8 Part c - Journal entry c-2. Assume that the actual tax bill, received in May 2014, was for $7,690. Record the journal entry to show the effects of the appropriate adjustment to the amount previously accrued.