The Following Data Applies to the Next Three Questions

Multiple Choice

The following data applies to the next three questions:
The City of Charlestown levied property taxes in the amount of $9,000,000. It is estimated that 2% will not be collected. The taxes were levied July 1, 2013 for the fiscal year ended June 30, 2014. During the year ended June 30, 2014, $7,900,000 in property taxes were collected from this levy. It is estimated that $620,000 will be collected during the next 60 days, $300,000 will be collected more than 60 days after June 30, 2014, and $180,000 will never be collected.
-How much will the city report as Deferred Property Taxes in its June 30,2014 government-wide Statement of Net Assets?

A) $ 620,000.
B) $ 320,000.
C) $ 300,000.
D) $ 0.