in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2019 are issued in May 2020 and are payable in July 2020. es al operaties Exercise 7.8 LOS Other accrued liabilities-real estate taxes Glennelle's Boutique Inc. Required: a. Explain how the amount of tax expense for calendar 2019 and the amount of taxes payable (if any) at December 31, 2019, can be determined. b. Use the horizontal model (or write the journal entry) to show the effect of accruing 2019 taxes of $44.800 at December 31, 2019. c. Assume that the actual tax bill, received in May 2020, was for $47,600. Use the horizontal model (or write the journal entry) to show the effects of the appropriate adjustment to the amount previously accrued. 21 22 295/071 296/070 28 29 303/063 302/064 Problems LO 1,2 a connect All applicable Problems are available in Connect Common and preferred stock-issuances and dividends Homestead Oil Corp. Problem 8.23 was incorporated on January 1, 2019, and issued the following stock for cash: 800,000 shares of no-par common stock were authorized: 150,000 shares were issued on January 1, 2019, at S38 per share. 200,000 shares of $100 par value, 6.5% cumulative, preferred stock were authorized: 90,000 shares were issued on January 1, 2019, at $122 per share. Net income for the years ended December 31, 2019 and 2020 was $2,600,000 and $5,600,000, respectively OCTOBER