At the start of calendar year 2022, Central City's records showed the following accounts relative to prior year property taxes Account Property taxes receivable-delinquent 165.000 Allowance for refunds and uncollectible taxes-delinquent $10,000 Deferred inflow of resources-unavailable property taxes $18.750 Prepare journal entries to record the following transactions: 1. To balance its 2022 budget, which requires $1,875,000 in property taxes, Central City levies property taxes in the amount of $1,893,750, providing an allowance of $18,750 for uncollectible accounts. 2. During the year 2022, it collects property taxes as follows: From prior year delinquent taxes From 2022 tax levy $55,000 $1.862.500 3. Central City recognizes $18,750 of the deferred inflow of resources--unavailable property taxes as revenues in 2022. 4. It initiates foreclosure proceedings against the delinquent taxpayer who owed the city $10,000. When it does this, it charges the taxpayer a penalty of $1,250. 5. An auctioneer sells the foreclosed property for $50,000, deducts a fee of $3,750, and remits $46,250 to the city. The city deposits the check and prepares a voucher for the net amount due to the taxpayer. 6. The city reverses the Allowance for refunds and uncollectible taxes-delinquent ($10,000) because the lien has been satisfied and all prior year delinquent taxes have been collected. 7. Central City rebates $15,000 to taxpayers who had paid their 2022 taxes, but who successfully appealed their tax assessments. 8. At year-end, the city (a) declares all unpaid 2022 taxes as delinquent; (b) concludes that there is no need for an allowance for uncollectible accounts; and (c) estimates that $18,750 of the delinquent taxes will be collected in the first 60 days of calendar year 2023. Account To record 2019 property tax levy 2 Toecond collection of property taxes Debit Credit 0 0 0 0 0 0 0 0 0 0 D 0 # To recognize deferred inflows of resources as 2022 reverses To charge penalty for unpaid saxes and reclassify delinquent recevable an alien receivable 0 0