The City of Riverside levied property taxes in the amount of $20,000,000. The taxes were levied July 1, 2019 for the fiscal year ended June 30, 2020. During the year ended June 30, 2020, $17,800,000 in property taxes were collected from this levy. It is estimated that $940,000 will be collected during the next 60 days, $1,050,000 will be collected more than 60 days after June 30, 2020, and $210,000 will never be collected.

How much will the city report as Deferred InflowProperty Taxes in its June 30, 2020 government-wide Statement of Net Position?

Multiple Choice

$1,150,000.

$0.

$1,050,000.

$1,990,000.