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please show steps Queens County collects property taxes for 20 independent school district with which it shares common boundaries The county bills taxpayers for both
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Queens County collects property taxes for 20 independent school district with which it shares common boundaries The county bills taxpayers for both itself and the school district on a single invoice. At the start of a year it held $3 million in cash not yet remitted to the school district. During the year, the county collects $4 million of taxes on behalf of the school district To earn interest on the funds received, the county invests $4 million in short-term securities It earns and collected $1 million in interest. Assuming that by agreement with the school district all investment risks and rewards are those of the district, not the county It sells $3 million of the investments at no gain or loss. It distributes $3.0 million to thie school district Determine the financial statement impact for the Queens County: Total Asset Queens County reported at Year End isStep by Step Solution
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