On June 1, 2018, the city of Piedmont sent out property tax bills for the fiscal year starting July 1, 2018 and ending June 30, 2019. It received the following payments from taxpayers: $200,000 in June, 2018; $7,000,000 during the period July 1, 2018 through June 30, 2019; $200,000 in July, 2018; $100,000 in August, 2019, and another $400,000 by the time it issued its financial statements in September, 2018. It believes it can collect still another $200,000 later. The amount of property tax revenue that should be recognized on the financial statements of the general fund for the fiscal year ending June, 30, 2019 is:

a) $7,000,000

b) $7,200,000

c) $7,500,000

d) None of the above

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