Waterway Corporation operates on a calendar year basis. The company is in its first year of operations and received its annual property tax bill on March 31 for $27600. 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. Assuming appropriate adjusting entries were completed for the April month end, what entry should be recorded for the payment on May 1? O Debits to prepaid property tax and property tax expense for $18400 and $9200, respectively and credit to cash for $27600. O Debit prepaid property tax $27600 and credit cash $27600. O Debits to prepaid property tax and property tax payable for $18400 and $9200, respectively and credit to cash $27600. O Debit property tax payable $20700 and credit to cash $20700.