The people of Denver specifically approved a $3000000 property tax for the payment of debt service on general obligation bonds issued to finance a new road. Which of the answers below best describes the correct treatment for uncollectible property taxes each year?

Record property tax revenues net of uncollectible amounts

Record as bad debt expense based on the actual uncollectible amounts

Record as bad debts based on estimated amounts

Uncollectible property taxes are not recorded as they dont represent current financial resources