During the current year, the City of Plattsburgh recorded the following transactions related to its property taxes: 1. Levied property taxes of $6,550,000, of which 2 percent is estimated to be uncollectible. 2. Collected current property taxes amounting to $5,969,000. 3. Collected $52,500 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 $7,000 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. Debit Credit Transaction Fund General Journal 1. Levied property taxes of $6,550,000, of which 2 percent is estimated to be uncollectible. 1 General Fund Taxes Receivable Current Allowance for Uncollectible Current Taxes Revenues 2. Collected current property taxes amounting to $5,969,000. 2 General Fund Cash Taxes Receivable-Current 3. Collected $52,500 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. General Fund Record the collection of $52,500 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes. Cash Taxes ReceivableDelinquent Interest and Penalties Receivable on Taxes 3b Record the reversal of deferred inflows of resources. Deferred Inflows of ResourcesUnavailable Revenues Revenues 4 4. Imposed penalties and interest in the amount of $7,000 but only expects to collect $6,200 of that amount. General Fund Interest and Penalties Receivable on Taxes Allowance for Uncollectible Interest and Penalties Revenues 4. Imposed penalties and interest in the amount of $7,000 but only expects to collect $6,200 of that amount. 4 General Fund Interest and Penalties Receivable on Taxes Allowance for Uncollectible Interest and Penalties Revenues 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 General Fund Record the reclassification of uncollected taxes and allowances as delinquent. Taxes ReceivableDelinquent Allowance for Uncollectible Current Taxes Taxes Receivable Current Allowance for Uncollectible Delinquent Taxes 5b Record the entry to reclassify the net receivable, interest, and penalties as deferred inflow of resources. Revenues Deferred Inflows of ResourcesUnavailable Revenues