The River county tax collector acts as property tax collection agent for Delta City, the Delta R-5 School District, and the County's own general fund. It is properly classified as a fiduciary fund. Delta City and Delta R-5 Consolidated are charged a 1% fee on all collections which is properly passed to the County's GF as revenue. The combined levy for the year from the GF of each government was $500,000, which was $250,000 for Delta City (50%), $150,000 for Delta R-5 (30%), and $100,000 for the County (20%). REQUIRED: Prepare Journal Entries made by EACH unit assuming each unit estimates 4% of taxes levied will be uncollectible. YOU NEED ENTRIES FOR 4 GOVERNMENAL ENTITIES During the 1st 6 months of the year, $400,000 was collected from current taxes. REQUIRED: Calculate the amount to be distributed to each governmental unit. REQUIRED: Prepare the journal entries to (1) record the collection, (2) record the allocation of administrative collection fee for River County, (3) record the disbursement of cash to the other governmental units, and (4) prepare journal entries for each governmental unit receiving cash from the agency fund. REQUIRED: Prepare the closing entries for the Tax Agency fund presuming no additional collections are made. HINT: there is no custodial relationship between the River County GF and the River County tax agency fund (see textbook example)