HELP

Imagine the following situation. The City of Bedford collects property taxes for FY 2022 (July 1, 2021 - June 30,2022 ). Most residents of the city are fiscally responsible and pay their tax bills on time (in FY 2022). In total, the residents paid $10 million before June 30, 2022. However, some of the residents promised to pay their property tax bills for FY2022 in July 2022 (we can assume that additional receipts in July were $500,000 ). On top of that, several taxpayers delayed their payments at least until October 2022 (additional receipts from these overdue payments were $2 million). If the city were to use the accrual accounting basis (note: it's different from the modified accrual accounting basis), how much would it be able to report as property tax revenues in FY 2022 (you can ignore all the receipts from the previous fiscal years)? $10 million $9.5 million $12.5 million $10.5 million