At the start of calendar year 2022, Central Citys records showed the following accounts relative to prior year property taxes: Account Property taxes receivabledelinquent $62,400 Allowance for refunds and uncollectible taxesdelinquent $9,600 Deferred inflow of resourcesunavailable property taxes $18,000 Prepare journal entries to record the following transactions:

1. To balance its 2022 budget, which requires $1,800,000 in property taxes, Central City levies property taxes in the amount of $1,818,000, providing an allowance of $18,000 for uncollectible accounts.

2. During the year 2022, it collects property taxes as follows: From prior year delinquent taxes $52,800 From 2022 tax levy $1,788,000

3. Central City recognizes $18,000 of the deferred inflow of resourcesunavailable property taxes as revenues in 2022.

4. It initiates foreclosure proceedings against the delinquent taxpayer who owed the city $9,600. When it does this, it charges the taxpayer a penalty of $1,200.

5. An auctioneer sells the foreclosed property for $48,000, deducts a fee of $3,600, and remits $44,400 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 taxesdelinquent ( $9,600) because the lien has been satisfied and all prior year delinquent taxes have been collected.

7. Central City rebates $14,400 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 $18,000 of the delinquent taxes will be collected in the first 60 days of calendar year 2023.

Just want to know 8(c) calculation