12. A city levies property taxes of $10,020,000 for its General Fund and it offers a 2 percent discount for payment within the discount period. Based on experience, city finance officials estimate that $20,000 of discounts will be taken. What entry should it make when the taxes are levied? a. Property taxes receivable 10,020,000 Allowance for discounts on property taxes 20,000 Revenues - property taxes 10,000,000 b. Property taxes receivable 10,000,000 Revenues - property taxes 10,000,000 c. Allowance for discounts on property taxes 20,000 ice Revenues - property taxes 20,000 d. No entry is required because cash has not yet been received