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Use the following information for Problems 30 and 31 On March 15, Calloway, Inc., paid...

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Use the following information for Problems 30 and 31 On March 15, Calloway, Inc., paid property taxes of $480,000 for the calendar year. 30. How much of this expense should Calloway's income statement reflect for the quarter ending March 31? a.-0 b. $40,000 c. $120,000 d. $480,000 31. The journal entry at March 15 to record the payment of property taxes would include which of the following? a. A debit to Property Tax Expense of $480,000. b. A credit to Cash of $120,000. c. A debit to Pre paid Property Taxes of $360,000. d. A credit to Prepaid Property Taxes of $40,000

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