The City of Casper levied property taxes for 2017 in the amount of $9,000,000. By the end of the year, $7,200,000 had been collected. It was estimated that $500,000 would be collected during the next 60 days of 2017 and that $240,000 would be collected after that and the remainder would be uncollectible. The City has a policy of recognizing the full amount possible for property taxes. Which of the following statements is true?
A. The amount reported for property tax revenue in the governmental fund Statement of Revenues, Expenditures, and Changes in Fund Balances would be $7,940,000.
B. The amount reported for property tax revenue in the government-wide Statement of Activities would be $7,700,000.
C. Both of the above.
D. None of the above.
Answer: D
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