Valentic Remodeling owns property in Adams County. Valentic's 2016 property taxes amounted to $70,000. Adams County will send out the 2017 property tax bills to property owners during April 2018 Taxes must be paid by June 1, 2018. Assume that Valentic prepares adjustments only once a year, on December 31, and that property taxes for 2017 are expected to increase by 5% over those for 2016. Required: 1. Identify and analyze the adjustment to record the property taxes payable on December 31, 2017. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry and leave the amount box blank, If the effect on a financial statement item is negative, e, a decrease, be sure to enter the answer with a minus sign. Assets Balance Sheet Stockholders Liabilities Equity Revenues Income Statement Expenses