What amount of revenue that Beanville should recognize in its 2020 (1) governmentwide statements and (2) governmental
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What amount of revenue that Beanville should recognize in its 2020 (1) governmentwide statements and (2) governmental fund statements. Provide a brief justification or explanation for your responses.
In December 2019, the city levied property taxes of $1 billion for the calendar year 2020. The taxes are due on June 30, 2020. The city collected these taxes as follows:
December 2019 $56 million
January 1, 2019, to December 31, 2019 $858 million
January 1, 2020, through March 31, 2020 ($18 million per month) $54 million
Total $968 million
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