P5-3 (Revenue Recognition) In auditing the city of Pippa Passes General Fund, a staff member asks whether the following items should be reported as calendar year 20X4 revenues: Property taxes, which are levied in December and due the following April 30: Taxes for 20X4 levied in 20X3 and collected in April 20X4, $800,000 Taxes for 20X5 levied in 20X4 and collected in May 20X5, $850,000 Taxes for 20X3 levied in 20X2 and collected in January 20X4, $8,000 Taxes for 20X4 levied in 20X3 and collected in January 20X5, $137,000 Taxes for 20X5 levied and collected in 20X4, $22,000 Taxes for 20X4 levied in 20X3, not expected to be collected until late 20X5 or