Davenport City levied property taxes on February 1, 2014. There are two due dates for collection

of one-half of the levy each -October 1, 2014 and February 1, 2015. The City uses the

residual approach to calculating property taxes and requires revenues of $4,800,000. The estimated

uncollectible portion of the levy is 4%. Prepare the entries, as described, for both the general

fund and the government-wide governmental activities:

1.Record the tax levy on February 1, 2014.

2.Record the collection of taxes totaling $2,396,000 on October 1, 2014.

3.Record the year-end closing entries on December 31, 2014.

4.Record the collection of taxes totaling $2,401,000 on February 1, 2015.

5.On February 2, 2015, the remaining taxes receivable -current are considered delinquent.

Record the necessary reclassification of taxes receivable.

6.Also on February 2, 2015, penalties and interest of 10% are recorded. Of this amount,

85% is considered to be collectible.

7.By June 30, 2015, $62,000 of the remaining taxes receivable -delinquent are collected.

In addition, $14,300 of the interest and penalties are received.

8.On June 30, 2015, any remaining taxes receivable, as well as any related interest and

penalties, related to the 2014 levy are written off.

Prior to the tax levy, citizens of Davenport City wanted to know the tax rate so that they could

plan for their own property taxes. Assessed valuation for the entire City is $2,818,719,427.