The following selected account balances for the City of Hampton on January 1, 20 times 8 are listed below: Record the following transactions that occurred during 20 times 8: Current property taxes are levied at $750, 000 with a 4% allowance for uncollectible property taxes. Property to which tax liens apply is sold for $6, 000 and the account is closed. Current property taxes are collected in the amount of $702, 000. Previous delinquent property taxes are converted to tax liens and the current uncollected property taxes are considered delinquent