31) The following information pertains to property taxes levied by Sycamore City for 20X7:

Collections during 20X7	$	1,200,000
Expected collections during the first 60 days of 20X8		200,000
Expected collections during the balance of 20X8		110,000
Expected collections during January 20X9		40,000
Estimated to be uncollectible		30,000
Total levy	$	1,580,000

What amount should Sycamore report for 20X7 net property tax revenues?

A) $1,200,000

B) $1,400,000

C) $1,550,000

D) $1,580,000

Answer: B

Please explain clearly using math