On April 1, 2024, Kingbird Industries receives its annual property tax bill in the amount of $8,720 relating to its annual property taxes for the year ending December 31, 2024. The bill is to be paid by June 30, 2024 and the company's year end is December 31, 2024. Prepare all the appropriate journal entries for the year at the following dates. Assume that Kingbird does not make monthly adjusting entries for property taxes. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries) a. b. C. April 1, 2024 June 30, 2024 December 31, 2024

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.