(Property tax revenue transactions and measurement in financial statements) A village levies property taxes in March of each year to help finance the General Fund expenditures for the calendar year. Property owners are required to pay the taxes in equal installments in April and October. Taxes remaining uncollected are declared delinquent at the end of the year. The facts regarding property taxes levied and collected for calendar-years 2004 and 2005 are as follows:

2004: The village levied property taxes of $\$ 700,000$, anticipating the entire amount to be collected. It actually collected $\$ 650,000$ during the year. When the village prepared its financial statements, it assumed all the delinquent taxes would be collected during 2005, $\$ 40,000$ in the first 60 days and the remaining $\$ 10,000$ later in 2005 .

2005: The village levied property taxes of $\$ 730,000$, again expecting the entire amount to be collected. It actually collected $\$ 690,000$ in the year of the levy. When it prepared its 2005 financial statements, the village assumed all delinquent 2005 taxes would be collected during 2006, \$25,000 in the first 60 days and the remaining $\$ 15,000$ later in 2006. Regarding the $\$ 50,000$ of delinquent 2004 taxes, it collected $\$ 38,000$ in the first 60 days of $2005, \$ 7,000$ during the rest of 2005 , and wrote off the remaining $\$ 5,000$ as uncollectible.

Required: Prepare journal entries as follows:

1. Record the year 2004 transactions in the General Fund, including the yearend adjustment needed to prepare the fund financial statements.

2. Make the adjustment needed to prepare the governmental activities column of the government-wide statements.

3. Record the year 2005 transactions in the General Fund, including the yearend adjustment needed to prepare the fund financial statements.

4. Make the adjustment needed to prepare the governmental activities column of the government-wide statements.

Also, calculate the amount of property tax revenues that the village should recognize in its fund financial statements and in its government-wide financial statements for both 2004 and 2005.