#8 The City of Samento has a fiscal year ending on June 30 and has adopted a policy that property tax revenue is "available" if actually collected within 60-days of year end. The City Council levied property taxes of $610,000 on July 1, 2017 to finance the activities for FY 2017-18. The City estimates that $15,000 of the property taxes will be uncollectible. Property taxes are due in two installments - December 20 and April 20. The cash collections related to property taxes are as follows: Date Collected Reason Amount 7/15/2017 8/15/2017 9/15/2017 12/20/2017 4/20/2018 7/15/2018 8/15/2018 9/15/2018 Property taxes levied in 2016, for FY 2016-17 $ 15,000 Property taxes levied in 2016, for FY 2016-17 || 10,000 Property taxes levied in 2016, for FY 2016-17 15,000 Property taxes levied in 2017, for FY 2017-18 250,000 Property taxes levied in 2017, for FY 2017-18 250,000 Property taxes levied in 2017, for FY 2017-18 15,000 Property taxes levied in 2017, for FY 2017-18 10,000 Property taxes levied in 2017, for FY 2017-18 5,000 1. What is the total amount of property tax revenue that should be recognized in the governmental fund financial statements for FY 2017-18? a. $610,000 b. $595,000 c. $570,000 d. $540,000 2. What is the total amount of property tax revenue that should be recognized in the government-wide financial statements for FY 2017-18? a. $610,000 b. $595,000 c. $570,000 d. $540,000