Exercise 8-37 (Algorithmic) Accrued Property Taxes Annual property taxes covering the preceding 12 months are always paid on June 30. Agnarrson Corp., is always assessed a $2,430 property tax. Hide Given this information, determine the adjusting journal entry that Agnarrson Corp., must make on December 31 (assuming that its fiscal year ends as of December 31). Dec. 31 Property Tax Expense Property Tax Payable (Record accrued property taxes)