During 2016, Quanta Airlines paid salary expense of $41.2 million. At December 31, 2016, Quanta…

During 2016, Quanta Airlines paid salary expense of $41.2 million. At December 31, 2016, Quanta…

During 2016, Quanta Airlines paid salary expense of $41.2 million. At December 31, 2016, Quanta accrued salary expense of $2.4 million. Quanta then paid $2.6 million to its employees on January 3, 2017, the company s next payday after the end of the 2016 year. For this sequence of transactions, show what Quanta would report on its 2016 income statement and on its balance sheet at the end of 2016.

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