Question 64 (1 point) Angel Eyes Corporation fiscal year ends on December 31. The company is in its first year of operations and received its annual property tax bill on March 31 for $21,000. The bill is due May 1. Even though the company records adjusting entries on a monthly basis, no entries related to property taxes have been recorded before the bill arrived. The March 31 entry to record property tax should be A) debit property tax expense $21,000 and credit property tax payable $21,000. B) debit property tax expense $5,250 and credit property tax payable $5,250. C) debits to prepaid property tax and property tax expense for $15,750 and $5,250, respectively and credit to property tax payable for $21,000. D) debits to prepaid property tax and property tax expense for $15,750 and $5,250, respectively and credits to property tax payable and cash for $15,750 and $5,250, respectively. Question 65 (1 point) The carrying amount (NBV) of an asset listed in "Property, Plant, and Equipment" A) may be different than its fair value. B) is always equal to its fair value. C) is always more than its fair value. D) is always less than its fair value. Question 66 (1 point) Which one of the following items is not considered to be a part of the cost of a truck purchased for business use? A) freight charges incurred when buying the truck. B) cost of shipping insurance paid while getting the truck shipped to the business. C) annual motor vehicle licence that had to be paid to put the truck on the road. D) cost of putting the company's logo on the side of the truck