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For fiscal 2 0 2 3 , Lake City levied a property tax of $ 2 3 0 , 0 0 0 . The city

For fiscal 2023, Lake City levied a property tax of $230,000. The city estimated that 4% of the
tax will not be collected. By fiscal year end, the city, based on the cash already collected, declares
the uncollected amount of $10,200 as delinquent. Of the delinquent taxes, $5,700 is estimated to
be collected within 60 days of year end and the rest is uncollectible. In fiscal 2024, Lake City
collects $4,800 of the delinquent taxes and writes off the remaining delinquent taxes.
i. Prepare the journal entries to record all the property tax transactions in fiscal 2023.
ii. Determine the amount of tax revenues reported for fiscal 2023.
iii. Prepare the journal entries to record the collection and write-off of delinquent taxes in fiscal
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