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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 Lake City levied a property tax of $ The city estimated that of the
tax will not be collected. By fiscal year end, the city, based on the cash already collected, declares
the uncollected amount of $ as delinquent. Of the delinquent taxes, $ is estimated to
be collected within days of year end and the rest is uncollectible. In fiscal Lake City
collects $ 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
ii Determine the amount of tax revenues reported for fiscal
iii. Prepare the journal entries to record the collection and writeoff of delinquent taxes in fiscal
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