McMichael Exhibits Inc. received its annual property tax bill for $26,200 in January. It was paid when due on March 31. McMichael Exhibits year end is Dec 31. The Dec 31 balances should be

$6,550 for Prepaid Property Tax; $19,650 for Property Tax Expense.

$0 for Prepaid Property Tax; $0 for Property Tax Payable.

$6,550 for Prepaid Property Tax; $6,550 for Property Tax Payable.

$2,183 for Prepaid Property Tax; $24,017 for Property Tax Expense.