The New York city that has a 12/31 fiscal year end has adopted a policy of recognizing property tax revenue consistent with the 60-day rule allowable period under GAAP. Property taxes of $600,000 (of which none are estimated to be uncollectible) are levied in October 2016 to finance the activities of fiscal year 2017. Property taxes are due in two installments June 20 and December 20. Cash collections related to property taxes are as follows:

2/15/17 for property taxes levied in 2015, due in 2016 $ 25,000

3/15/17 for property taxes levied in 2015, due in 2016 $ 15,000

4/15/17 for property taxes levied in 2015, due in 2016 $ 10,000

6/20/17 First installment of taxes levied in 2016, due 6/20/17 $350,000

12/20/17 Second installment of taxes levied in 2016, due 12/20/17 $150,000

1/15/18 for property taxes levied in 2016, due in 2017 $ 15,000

3/15/18 for property taxes levied in 2016, due in 2017 $ 10,000

4/15/18 for property taxes levied in 2016, due in 2017 $ 5,000

. The total amount of property tax revenue that should be recognized in the governmental fund financial statements in 2017 is:

		$600,000
		$575,000
		$540,000
		$535,000