The City of Ryne assesses $1 million in property taxes in Year One. Of the total $500,000 is expected to be collected in Year One, $300,000 in the first 60 days of Year Two, $150,000 also in Year Two but not until 60-75 days into Year Two, and the rest will never be collected. This money can be legally spent as soon as it is received. Which of the following statements is true for fund financial statements? Click the answer you think is right. Zero is reported as revenue in Year One on fund financial statements $800,000 is reported as revenue in Year One on fund financial statements. $950,000 is reported as revenue in Year One on fund financial statements $500,000 is reported as revenue in Year One on fund financial statements