Kirby County established a tax custodial fund to collect property taxes for the County of Kirby General Fund, the City of Denton, and

Kirby County Independent School District. Total tax levies of the three governments were $$200,000$ for the year, of which $$60,000$

was for the County of Kirby, $$40,000$ for Denton, and $$100,000$ for the School District.

The tax custodial fund charges a $2\%$ collection fee that it transfers to the General Fund of the County in order to cover costs incurred

for custodial fund operations. During the year the tax custodial fund collected and remitted $$150,000$ of the $$200,000$ levies to the

various governments. Collection fees associated with the $$150,000$ were remitted to Kirby County's General Fund prior to yearend.

For the Kirby County Tax Custodial Fund, prepare the journal entries to record the tax levy, taxes collected during the year, and the

remittances made to participating governments. Also prepare a table showing the distribution of taxes and fees to participating

governments. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

A Record the tax levies of the three governments, $$60,000$

was for the County of Kirby, $$40,000$ for Denton, and

$$100,000$ for the School District.

B Record the $$150,000$ tax custodial fund collected.

C Record the $2\%$ collection fee charged by the tax custodial

fund in order to cover costs incurred for custodial fund

operations.

D Record the $$150,000$ tax custodial fund remitted after

deducting administrative fees.