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At the beginning of 202, Crimson City levies $10 million of property taxes for the 202 year. No property taxes are collected at that time.

At the beginning of 202, Crimson City levies $10 million of property taxes for the 202 year. No property taxes are collected at that time. Under MODIFIED ACCRUAL, Crimson City would debit $10 million to Property Taxes Receivable and have a $10 million credit to: Prepaid Revenues Property Tax Revenue Cash Deferred inflows of resources (Property taxes)

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