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What is the amount of tax expense for the current year

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Reference no: EM132556418

Question - A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $18,480 to the city for taxes (license fee) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in January an annual tax (on property) for the current calendar year of $45,000.

Required -

a. Journalize the two adjusting entries required to bring the accounts affected by the two taxes up to date as of Dec 31, the end of the current year.

b. What is the amount of tax expense for the current year?

Reference no: EM132556418

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