$[$The following information applies to the questions displayed below.$]$

The county collector of Sun County is responsible for collecting all property taxes levied by funds

and governments within the boundaries of the county. To reimburse the county for estimated

administrative expenses of operating the tax custodial fund, the custodial fund deducts $4$ percent

from the collections for the town, the school district, and the other towns. The total amount

deducted is added to the collections for the county and remitted to the Sun County General Fund.

The following events occurred during the year:

Current$-$year tax levies to be collected by the custodial fund were

During the year, $$13,720,000$ of the current year's taxes was collected.

The $4$ percent administrative collection fee was recorded. A schedule of amounts collected for

each participant, showing the amount withheld for the county General Fund and net amounts

due to the participants, is recommended for determining the amount to be recorded for this

transaction.

All cash in the tax custodial fund was distributed.

Necessary closing entries were made at fiscal year$-$end.

Exercise $8-19($Algo$)$ Part c

c$.$ Prepare journal entries for each of the foregoing entries that affected the Town of Bayshore. Begin with the tax

levy entry, assuming $2$ percent of the gross levy will be uncollectible. $($If no entry is required for a

transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Do not round intermediate

calculations. Round your answers to the nearest whole dollar amount.$)$

A: Record the levy of current$-$year tax.

B: Record the taxes collected.