Part A On July 1, 2017, the beginning of its fiscal year, Johnson County recorded gross property tax levies of 34,200,000. The county estimated that 5 percent of the taxes levied would be uncollectible. As of April 30, 2018, the due date for all property taxes, the county had collected $3,900,000 in taxes. The county imposed penalties and interest in the amount of $14,500, but only expects to collect $12,800 of that amount. At the end of the fiscal year (June 30, 2018) the county had collected $53,000 in delinquent taxes and $4,800 in interest and penalties on the delinquent taxes Required Prepare journal entries to record the tax levy on July 1, 2017 in the General Fund Part B The City of Duncanville collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid upon colection of property taxes. On April 1, 2017, the city estimated that it will require $2,500,000 to finance governmental activities for the remainder of the 2017 fiscal year. On that date, it had $770,000 of cash on hand and $830,000 of current liabilities. Collections for the remainder of FY 2017 from revenues other than current property taxes and from delinquent property taxes, including interest and penalties, were estimated at $1,100,000 Required Calculate the estimated amount of tax anticipation financing that will be required for the remainder of FY 2017 Part C At the end of fiscal year 2017, the City of Georgetown's General Fund pre-adjusting trial balance showed the following balances for operating and budgetary accounts and fund balance accounts DebitsCredits $6,224,000 2,776,000 Appropriations Estimated Other Financing Uses Estimated Revenues Encumbrances Expenditures Other Financing Uses Revenues Budgetary Fund Balance Fund Balance-Nonspendable-Inventory of Supplies Fund Balance-Unassigned $7,997,000 6,192,000 2,770,000 1,003,000 7,980,000 40,000 1,990,000 Required Prepare the closing entries for the year