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At the start of calendar year 2022, Central Citys records showed the following accounts relative to prior year property taxes:

Account
Property taxes receivabledelinquent	$57,200
Allowance for refunds and uncollectible taxesdelinquent	$8,800
Deferred inflow of resourcesunavailable property taxes	$16,500

Prepare journal entries to record the following transactions: 1. To balance its 2022 budget, which requires $1,650,000 in property taxes, Central City levies property taxes in the amount of $1,666,500, providing an allowance of $16,500 for uncollectible accounts. 2. During the year 2022, it collects property taxes as follows:

From prior year delinquent taxes	$48,400
From 2022 tax levy	$1,639,000

3. Central City recognizes $16,500 of the deferred inflow of resourcesunavailable property taxes as revenues in 2022. 4. It initiates foreclosure proceedings against the delinquent taxpayer who owed the city $8,800. When it does this, it charges the taxpayer a penalty of $1,100. 5. An auctioneer sells the foreclosed property for $44,000, deducts a fee of $3,300, and remits $40,700 to the city. The city deposits the check and prepares a voucher for the net amount due to the taxpayer. 6. The city reverses the Allowance for refunds and uncollectible taxesdelinquent ( $8,800) because the lien has been satisfied and all prior year delinquent taxes have been collected. 7. Central City rebates $13,200 to taxpayers who had paid their 2022 taxes, but who successfully appealed their tax assessments. 8. At year-end, the city (a) declares all unpaid 2022 taxes as delinquent; (b) concludes that there is no need for an allowance for uncollectible accounts; and (c) estimates that $16,500 of the delinquent taxes will be collected in the first 60 days of calendar year 2023.

Account Debit Credit 1. o 0 > > > 0 0 D To record property tax levy 2. 0 0

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