During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: 1. Levied property taxes of $6,650,000, of which 2 percent is estimated to be uncollectible. 2. Collected current property taxes amounting to $6,015,000. 3. Collected $57,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. 4. Imposed penalties and interest in the amount of $7,200 but only expects to collect $6,200 of that amount. 5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. Required a. Prepare journal entries to record the property tax transactions in the General Fund. b. Prepare journal entries to record the property tax transactions in the governmental activities journal. c. Determine the amount of property tax revenue recognized during the current year in the General Fund and at the government-wide level. cos Transaction Fund General Journal 1. Levied property taxes of $6,650,000, of which 2 percent is estimated to be uncollectible. 1 General Fund 2. Collected current property taxes amounting to $6,015,000. 2 General Fund Debit Credit 3. Collected $57,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. 3a General Fund Record the collection of $57,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. 3. Collected $57,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year. Record the collection of $57,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes General Fund 36 Record the reversal of deferred inflows of resources, fresources 4. Imposed penalties and interest in the amount of $7,200 but only expects to collect $6,200 of that amount 4 General Fund 5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. 5a 5b General Fund Record the reclassification of uncollected taxes and allowances as delinquent. Record the entry to reclassify the net receivable, interest, and penalties as deferred inflow of resources. General Journal Debit Credit Transaction Fund/Governmental Activities 1. Levied property taxes of $6,650,000, of which 2 percent is estimated to be uncollectible. 1 Governmental Activities 2. Collected current property taxes amounting to $6,015,000. 2 Governmental Activities: 3. Collected $57,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. These amounts had been recorded as Deferred Inflows of Resources in the prior year 3 Governmental Activities 4. Imposed penalties and interest in the amount of $7,200 but only expects to collect $6,200 of that amount. Governmental Activities 4. Imposed penalties and interest in the amount of $7,200 but only expects to collect $6,200 of that amount. 4 Governmental Activities 5. Reclassified uncollected taxes and interest and penalties as delinquent. These amounts are not expected to be collected within the first 60 days of the following fiscal year. 5 Governmental Activities Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the amount of property tax revenue recognized during the current year in the General Fund and at the government-wide level. Property Tax Revenue General Fund Level Government-wide Level